11-year-old Puttur boy memorizes Quran in eight months

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, Jan 21: Karnataka Chief Minister's political adviser MP Renukacharya has courted controversy yet again with his remarks targeting the Muslim community at a pro-CAA rally in Karnataka on Monday.

Addressing a rally in support of the new citizenship law, the BJP lawmaker accused Muslims of collecting weapons in mosques instead of praying. "There are few traitors who sit in a masjid and write fatwas. They collect weapons inside the mosque instead of praying. Is this why you want a Masjid," Renukacharya said on Monday.

Renukacharya said he won't hesitate to use the money allotted to Muslims for Hindus. "I will resort to such politics in my taluk where the money allotted for Muslims can be used for Hindus. I will put you [Muslims] in your place and show what politics is," said Renukacharya, who is a close aide of CM BS Yediyurappa.

This is not the first time a Karnataka BJP leader has made communal remarks targeting the minority community. Earlier, BJP MLA Somashekar Reddy had made controversial remarks at a pro-citizenship law protest in Ballari when he asked those opposing the Citizenship (Amendment) Act to think of the "consequences" if the majority community members hit the streets against them.

The MLA had said, "If you do any drama, then if 100 per cent people come, understand what will be your situation. Congress people are lying to you, believing them you are coming on streets. We are 80 per cent, you are 17 per cent, if we react, what will be your situation? Be careful," Reddy had said.

Following outrage, a case was filed against Somashekar Reddy for alleged provocative speech targeting those protesting against the amended citizenship law.

Mangaluru, Apr 16: An old refrigerator has been turned into a "disinfection chamber" by researchers who are striving to come up with solutions to tackle the spread of coronavirus.

Dr Arun M Isloor, head of Chemistry Department, National Institute of Technology Karnataka (NITK), Surathkal, along with research scholar Syed Ibrahim has come up with the device which can disinfect items kept inside it.

"We have named this as ZERO-COV," Dr Isloor said.

He says the device ensures 99.9 per cent destruction of microorganisms present on the surface of items.

"We can keep items like vegetables, currency notes, books or envelopes inside the chamber. Switching on the chamber for 15 minutes ensures 99.9 per cent destruction of microorganisms present in the surface of the items," Dr Isloor added.