Bizman B R Shetty resigns from NMC Health's Board of Directors

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Bizman B R Shetty resigns from NMC Health's Board of Directors

Bizman B R Shetty resigns from NMC Health's Board of Directors

SC AN   ¦    Feb 17, 2020 03:50:36 PM (IST)

Bizman B R Shetty resigns from NMC Health\'s Board of Directors-1Dubai: Days after reports surfaced that businessman B R Shetty was being excluded from board discussions of his own company, NMC Health, it is reported that he has now resigned as chairman of the Board of Directors.

It can be recalled that B R Shetty, founder-chairman of NMC Health Plc, a hospital operator, was suspended from board discussions last week after he said that he may have misreported the size of his stake in the company. Company vice-chairperson Khaleefa Butti Omair Yousif Ahmed Al Muhairi was also asked not to attend any board meetings till the size of their stake could be clarified.

Al Muhairi resigned on Friday.

According to the company, Chairman B R Shetty, Chief Investment Officer Hani Buttikhi and board member Abdulrahman Basaddiq have stepped down with immediate effect, Gulf News reported.

Reportedly, Shetty has said that his lawyers are reviewing the legality of his being excluded from board meetings. He added that further steps would be taken once the status is clear.

Commenting on the developments, Shetty said that a "full legal review" has been initiated into NMC Health Plc's shareholdings in order to provide "greater clarity and transparency to the market" and the stakeholders.

Third-party legal and financial advisers have also been engaged to assist and expedite the process. "We are also in consultation with the appropriate regulatory authorities in the United Kingdom," he added.

Shetty assured that they would "continue to disclose information" to the market as timely as possible.

"I have resigned from the Board of Directors of NMC Health Plc to allow the Board to fully execute its governance and responsibilities as efficiently as possible," Shetty added.

NMC Health Plc was founded by B R Shetty when he moved to Abu Dhabi in the 1970s. It is now one of the biggest private healthcare providers in the United Arab Emirates.