Passport Mela' for Hajj aspirants begins

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.

Bengaluru, Jul 16: People volunteering as civil police wardens with the city police department will not receive any remuneration, an official said on Wednesday.

“We wish to clarify the rumours floating on social media and confirm that the volunteers helping local police as civil police wardens in enforcement of anti-Covid measures will not be paid any remuneration,” said an official.

On Tuesday, Bengaluru city police commissioner Bhaskar Rao had urged interested people to volunteer for the department, indicating how strained the department has been amid Covid.

“Inviting physically fit and service minded residents of Bengaluru, both men and women, between the age of 18-45 to volunteer as civil police wardens,” said Rao.

The department is offering a choice of the police division, jurisdiction and the shifts one wants to choose to be a civil police warden.

Additional Commissioner of Police Hemant Nimbalkar said volunteers are a welcome support to the police in their field duty but should not be left alone.

“Volunteers are a support to the police in the field and shall not work standalone. They shall be attached with duty police as assistance. A jacket and a cap should be provided to them,” said Nimbalkar.

He reminded that the safety of the volunteers is the responsibility of the policemen.

Many city policemen have been infected with the virus and quarantined while more than six have succumbed.

“It is a tough time for all policemen irrespective of the rank. Four hundred and fifty active cases across the state and the loss of six lives speak volumes about their involvement in the war against Covid,” said Director General of Police Praveen Sood recently.

He expressed hope that the difficult times will pass, saying all the members of the police department are a family.

Bengaluru, Jun 11: Chief Minister BS Yediyurappa on Thursday allowed the Opposition Congress party's newly elected state president DK Shivakumar to have a formal swearing-in function.

He told media, “I have spoken to Shivakumar and informed him to conduct the event after taking precautionary measures against the spread of the COVID-19 disease”.

The move came after the state government received flak from the main Opposition Congress leaders, for refusing to permit the newly elected State Congress president to have a formal swearing-in function take reigns from his predecessor Dinesh Gundu Rao.