Plea in SC for restraining Vijay Mallya from leaving India

Bengaluru, May 12: About 101 labourers bound for Rajasthan from Bengaluru in a goods truck were detained near a border Checkpost at Hirebagewadi village in Belagavi taluk on the Pune-Bengaluru national highway and have been sent into institutional quarantine on Tuesday.

Police said that the Labourers comprising of men, women and children had been travelling towards Rajasthan in a goods truck without permission from Karnataka and even from their home State Rajasthan.

In the morning hours, police and other department personnel manning the check post near...check post near Hirebagewadi detained them.

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, Jun 9: JD(S) patriarch H D Deve Gowda on Tuesday filed his nomination as party's candidate for June 19 Rajya Sabha elections from Karnataka.

The former Prime Minister was accompanied by his sons former Chief Minister H D Kumaraswamy and former Minister H D Revanna, state JD(S) chief H K Kumaraswamy and others, as he filed his papers at the office of Legislative Assembly Secretary M K Vishalakshi, who is the returning officer for the polls. JD(S) on Monday had announced that Gowda will be contesting the Rajya Sabha polls.

Announcing the decision, Kumaraswamy had said Gowda decided to contest following the request of Congress President Sonia Gandhi, several national leaders and party legislators, and it was not an easy task to "persuade" him to enter the Rajya Sabha.

The JD(S), which has 34 seats in the assembly, is not in a position to win a seat in Rajya Sabha on its own and will need support from the Congress with its surplus votes. A minimum of 45 votes are required for a candidate to win. If he wins, this will be the second Rajya Sabha entry for 87-year-old Gowda, the first time being in 1996 as the Prime Minister.

Gowda was defeated in Tumkur constituency by BJP's G S Basavaraj by over 13,000 votes in the 2019 Lok Sabha polls. As joint candidate of the then ruling Congress-JDS coalition, Gowda had chosen to contest from Tumkur at the last minute after vacating Hassan-his home turf, to grandson Prajwal Revanna (a current MP).

Election is scheduled on June 19 to fill four Rajya Sabha seats from Karnataka, represented by Rajeev Gowda and BK Hariprasad of Congress, Prabhakar Kore of the BJP and D Kupendra Reddy of JD(S) that will fall vacant on June 25, with their retirement. Today is the last date for filing nominations. With BJP not fielding any candidate against Gowda, his election is likely to be unanimous.