Plea in SC for restraining Vijay Mallya from leaving India

Mangaluru, Jul 24: Parents in Dakshina Kannada are urging the educational institutions to reduce fees at least by 75% as most of the infrastructure and resources are not being utilized due to online classes. 

“School campuses are now closed. Why we have to pay such a heavy fee when our children are not availing the facilities offered on campus?” asks a Sapna (name changed), a parent, whose two daughters study at a prestigious private school in Mangaluru.  

Even though some schools considered as small players have reduced fees, most of the “prestigious” institutions in the Mangaluru have so far refused to give any discount.

“Apart from paying school fees, now we have to invest in gadgets, internet connections and accessories required for online classes. School administration can use their infrastructure and facilities for other purposes as students are not utilizing them. Hence, they must give us maximum discount during this pandemic,” said another parent.  
 
On the other hand, many parents are facing a dire financial situation due to covid-19 lockdown – while some have suffered losses in their business some have lost their jobs.

Many parents have even approached the education department to ensure that they get a discount in fees from educational institutions, said Dakshina Kannada DDPI Malleswamy.

“We cannot do anything since a government circular has asked educational institutions not to hike fees, which they have not done, and reduce fees if possible, which will never happen. The department is acting against only those schools that forcefully collect fees,” the DDPI said.

Bengaluru, Jun 22: Areas having three to four COVID-19 cases being termed as clusters will be totally sealed and maximum testing will be conducted there, moreover only critical cases will be shifted to COVID hospitals in Bengaluru, said Karnataka Home Minister Basavaraj Bommai.

Speaking to media persons, Karnataka Home Minister Basavaraj Bommai said, "It has been decided that clusters (areas having 3-4 #COVID19 cases) will be totally sealed and maximum testing will be done there. Only critical cases will be shifted to Covid hospitals. I demanded that police personnel are tested on priority."

"A lot of issues were discussed about the spike in COVID-19 cases. As far as hospitals are concerned there are two types of patients, asymptomatic and symptomatic, moderate and critical. Moderate and normal cases can be shifted to COVID centres," he added.

Bommai further added that beds in hospitals need to be reserved for corona warriors as well.

"There has to be a coordination between BBPM who brings the patient and the hospital, the moment a positive case is reported to avoid the waiting period. Even in hospitals, some beds have to be reserved for corona warriors. Community transmission is not yet there but we have to be prepared," he added.

Earlier today, Karnataka Chief Minister BS Yediyurappa had called an emergency meeting of concerned officials and departments to discuss measures to control rising COVID19 cases in Bengaluru.

As the numbers of COVID-19 cases are increasing in Bengaluru at an alarming rate, the Chief Minister opined that this can be contained only if preventive measures were implemented strictly.

He directed the officials to implement lockdown strictly in the clusters, which reported more number of cases, especially KR Market and surrounding areas such as Siddapura, VV Puram, Kalasipalya. It was decided to seal the adjoining streets, where the cases are reported.

He said that stringent action would be taken against those who violate quarantine and FIR would be filed if necessary.

Officers were directed to fix rates for treatment of COVID patients in private hospitals to make coronavirus treatment accessible to all.

Yediyurappa further instructed officials to set up fever clinics in all wards and maintain hygiene and provide other basic amenities to the people who were quarantined in social welfare hostels and other government institutions.

"COVID-19 should be contained without affecting the economic activities in Bengaluru, which resumed recently," he said.

"COVID War Room shall have real-time information on the availability of beds in various COVID hospitals and shall facilitate the infected person to avail treatment without losing any time," added Yediyurappa.

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”