Embarrassed B R Shetty helplessly resigns from Abu Dhabi’s ailing NMC Health

News Network
February 17, 2020

Abu Dhabi, Feb 17: NMC Health Plc, a hospital operator targeted by short-seller Muddy Waters, said founder Bavaguthu Raghuram Shetty resigned amid investor concern he faced a margin call and misrepresented his stake.

The board asked for Co-Chairman Shetty’s resignation and it takes effect immediately, according to a person with knowledge of the situation. NMC has lost four board members since Friday, including Vice Chairman Khaleefa Butti, whose holdings are also being probed. The stock, the worst performer on the FTSE-100 Index this year, fell as much as 9.2 percent Monday morning and then rebounded.

“The resignation of senior board members should be viewed positively,” said Abdulla Nahlawi, an analyst at Rasmala Investment Bank in Dubai. “The credibility of the current board has been jeopardized with the unfolding of the recent events.”

NMC shares lost almost half their value the first week of February on speculation the company’s main investors faced a margin call, in which banks seize shares pledged as collateral. NMC said Friday that First Abu Dhabi Bank and Al Salam Bank Bahrain obtained 20 million shares in the company from BRS International Holding, an investment vehicle of NMC’s top shareholders. The banks sold more than 8 million of those shares as “enforcement of security,” NMC said.

NMC operates the largest medical network in the United Arab Emirates and in 2012 became the first Abu Dhabi company to list in London. The shares started teetering in mid-December when Muddy Waters alleged that NMC manipulated its balance sheet and inflated the prices of companies it acquired.

Shetty, 77, was born in India and founded NMC in the 1970s after moving to Abu Dhabi. His spokesman said a legal review of the situation is ongoing and declined further comment.

Chief Investment Officer Hani Buttikhi and board member Abdulrahman Basaddiq also stepped down because they were appointees of Shetty and Butti, NMC said, adding that they had no knowledge of the share transfers.

Questions remain over the role of Shetty’s family at the company. His wife and son-in-law both hold roles in senior management.

Almost 10 per cent of NMC’s freely traded shares are shorted, according to Markit Securities data. In mid-December about a third of them were.

Last week GKSD Investment, an investment company backed by hospital investors, said it’s studying a possible offer for NMC. Under U.K. takeover rules, it has until March 9 to make a bid.

NMC has said Muddy Waters’s claims are false and the company hired former FBI Director Louis Freeh to conduct an independent review. The review is due to be completed before the company issues its financial results in March, the person said.

NMC said Mark Tompkins will continue as the company’s sole chairman.

Comments

sunita kejriwal
 - 
Monday, 17 Feb 2020

BRS could not fool all the people all the time!

 

Bhakth
 - 
Monday, 17 Feb 2020

Illegal way of earning will not last for long. 

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Ram Puniyani
January 9,2020

‘Go to Pakistan’ has probably been most often used phrase used against Muslims in India. Recently in yet another such incident the SP of Meerut, UP has been in the news and a video is circulating where he, Akhilesh Narayan Singh, is allegedly using the jibe ‘Go to Pakistan’. In the video he is seen shouting at protestors at Lisari Gate area in Meerut, “The ones (protestors) wearing those black or yellow armbands, tell them to go to Pakistan”. His seniors stood by him calling it ‘natural reaction to shouting of pro Pakistan slogans. Many BJP leaders like Uma Bhararti also defended the officer. Breaking ranks with fellow politicians, Mukhtar Abbas Naqvi of BJP, criticised the said officer and asked for suitable action against him. Interestingly this is same Naqvi, who earlier when the beef related arguments were going on; had stated that those who want to eat beef can go to Pakistan.

Interestingly this is probably the first time that any BJP leader has opposed the use of this jibe against the Indian Muslims. True to the dominance of trolls who support divisive politics, Naqvi has been trolled on the issue. As such vibe ‘Go to Pakistan’ has been a strong tool in the hands of aggressive elements to demonise Muslims in general and to humiliate those with Muslim names. One recalls that when due to the rising intolerance in the society many eminent writers, film makers were returning their awards, Aamir Khan said that his wife Kiran Rao is worried about their son. Immediately BJP worthies like Giriraj Singh pounced on him that he can go to Pakistan.

The strategy of BJP combine has been on one hand to use this ‘go to Pakistan’ to humiliate Muslims on the other from last few years another Pakistan dimension has been added. Those who are critical of the policies of BJP-RSS have on one hand been called as anti National and on the other it is being said that ‘they are speaking the language of Pakistan’.

Use of Pakistan to label the Muslims and dissidents here in India has been a very shrewd tool in the hands of communal forces. One remembers that the ‘cricket nationalism’ was also the one to use it. In case of India-Pakistan cricket match, the national hysteria, which it created, was also aiming at Indian Muslims. What was propagated was that Indian Muslims cheer for Pakistan victory and they root for Pakistan. There was an unfortunate grain of truth in this as a section of disgruntled, alienated Muslim did that. That was not the total picture, as most Indian Muslims were cheering for Indian victory. Many a Muslim cricketers contributed massively to Indian cricket victories. The cricket legends like Nawab Mansoor Ali Khan Pataudi, Irfan Pathan, and Mohammad Azaruddin are just the few among the long list of those who brought glories for India in the field of cricket.

Even in matters of defence there are legions of Muslims who contributed to Indian efforts in the war against Pakistan all through. Abdul Hamid’s role in 1965 India Pak war and the role of Muslim soldiers in Kargil war will be part of Indian military history. There have been generals in army who contributed in many ways for the role which military has been playing in service of the nation. General Zamiruddin Shah, when asked to handle Gujarat carnage, does recount how despite the lack of support from local administration for some time, eventually the military was able to quell the violence in some ways.

During freedom movement Muslims were as much part of the struggle against British rule as any other community. While the perception has been created that Muslims were demanding Pakistan, the truth is somewhere else. It was only the elite section of Muslims who supported the politics of Muslim League and later the same Muslim League could mobilize some other section and unleash the violence like ‘Direct Action’ in Kolkata, which in a way precipitated the actual process of partition, which was the goal of British and aim of Muslim League apart from this being the outcome of ‘Two Nation theory’.

Not much is popularized about the role of great number of Muslims who were part of National movement, who steadfastly opposed the idea and politics which led to the sad partition of the subcontinent. Few excellent accounts of the role of Muslims in freedom movement like Syed Nasir Ahmad, Ubaidur Rahman, Satish Ganjoo and Shamsul Islam are few of these not too well know books which give the outline of the great Muslim freedom fighters like Khan Abdul Gaffar Khan, Maulana Abul Kalam Azad, Ansari Brothers, Ashfaqulla Khan.

Immediately after partition tragedy the communal propaganda did the overdrive to blame the whole partition process on Muslim separatism, this totally undermined the fact that how poor Muslims had taken out massive marches to oppose the Lahore Resolution of separate Pakistan moved by Mohammad Ali Jinnah. The whole Muslim community started being seen as the homogenous, ‘The other’ and other misconceptions started against the community, the one’s relating them to atrocities of Muslim kings started being made as the part of popular folklore, leading the Hate against them. This Hate in turn laid the foundation of violence and eventual ghettoisation of this community.

The interactive-syncretism prevalent in India well presented by Gandhi-Nehru was pushed to the margins as those believing in pluralism did not actively engage with the issue. The economic marginalization of this community, coupled with the increasing insecurity in turn led to some of them to identify with Pakistan, and this small section was again presented as the representative of the whole Muslim community.

Today the battle of perception is heavily tilted against the Muslim community. It is a bit of a surprise as Naqvi is differing from his other fellow colleagues to say that the action should be taken against the erring police officer. The hope is that all round efforts are stepped up to combat the perception constructed against this religious minority in India. 

Comments

Prakash SS
 - 
Thursday, 9 Jan 2020

it is very much understandable if Pakistan is bad country our PM Namo would never visited without any invitation, that time Pakistan was good he prised their Mutton biriyani and Karak chai in pakistan. we feel something is wrong with our PM and his chelas. 

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coastaldigest.com web desk
June 9,2020

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Comments

Lovely indian
 - 
Wednesday, 10 Jun 2020

Acche din for modi bakth....lets enjoy

 

you need only ram mandir and NRC

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News Network
June 9,2020

New Delhi, Jun 9: Elections to seven seats of the Karnataka Legislative Council will be held on June 29, the poll panel announced on Tuesday.

The seven seats are falling vacant on June 30, according to an Election Commission statement.

Members of the Karnataka Legislative Assembly will vote on June 29 to elect the seven new MLCs.

The Commission has directed the Karnataka chief secretary to depute a senior officer to ensure that the  instructions regarding COVID-19 containment measures are complied with during the elections.

The counting of votes will be held on the evening of June 29 after completion of polls, as per practice.

The notification for the elections will be issued on June 11, the statement said.

MLCs are usually elected by four types of electors -- MLAs, Graduates, Teachers and members of local authorities.

On Monday, the Commission had deferred elections to four seats of the Karnataka Legislative Council -- two each from Teachers and Graduate constituencies -- falling vacant on June 30 due to the outbreak of the novel coronavirus.

"If MLAs are electors, the size of the electorate is small and the assembly building is the only polling station. When the electorate is teachers or graduates, the number of those who can vote is higher.

Due to the virus, Commission only allowed polls to seats where MLAs are the electors to prevent large gatherings," explained a senior EC functionary.

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