Flipkart founders booked for allegedly cheating bizman of Rs 9.96-cr

Mangaluru, June 13: Commending the Karnataka government move to ban the online classes for children up to Standard 5, Mangaluru MLA U T Khader has demanded to impose ban on all education apps that offer online coaching to school children.

"I welcome the government’s decision of banning online classes up to class 5. I would like to know why education apps of corporate companies are allowed to continue when schools are banned to conduct online classes. Why the government could not ban those education apps that offer online classes?” the former minister questioned.

He warned that private schools in the state may commence their online classes through such apps of corporate companies if the present situation continues.

Not all parents in the state can afford buying smart phones required for online classes, he said. "Only 30% of the school children in the state have access to smart phones. Most of the parents cannot afford to buy smart phones for their children. Government should take into consideration the mental stress of academically brilliant children among poor families. Those children may go under depression when they do not have access to online classes. The government can cancel some of the schemes like distribution of bicycles and reserve such funds to find solutions to the problems poor children face at present,” Khader said.

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.

Mangaluru, June 12: Juma prayers were held in dozens of mosques across coastal district of Dakshina Kannada including the city of Mangaluru for the first time in nearly three months upholding all the safety norms including physical distancing. 

For the first time in the recent history of Mangaluru, juma prayers were stalled in all the mosques for 11 consecutive weeks as part of nationwide coronavirus lockdown. 

While many mosques were reopened for the congregational prayers in the region on June 8 (Monday) after receiving approval from the government, many others are yet to be opened as Muslim religious leaders are taking additional precautionary measures to prevent the spread of covid-19 apart from following all the guidelines issued by the government.

“Around 400 people participated in the Juma prayer at Zeenat Bakhsh Juma Masjid. All the safety guidelines were followed. Sadaqatul Nadwi delivered the sermon and led the prayers,” S M Rasheed Haji, executive member of the mosque committee told coastaldigest.com.

“As per the guidelines, devotees performed Wudu (ablution) at their homes and also carried their own musalla (prayer mat) to the mosque,” said a Jalaluddin, a cleric who offered Juma prayers in Ullal.  

The guidelines issued by the government to the mosques also include disinfecting the premises at regular intervals, maintaining physical distance, wearing masks and finishing prayers in “minimum permissible time”.