NMC Health founder to step back from board after stake confusion | Financial Times

NMC Health founder to step back from board after stake confusion | Financial Times:

NMC Health’s founder BR Shetty and fellow controlling shareholder Khalifa al-Muhairi have been forced to step back from the company’s board after revealing that their shareholdings have been reported incorrectly to the market.

The healthcare group said that non-executive chairman BR Shetty is carrying out a legal review to verify his stake in the group.

This, it said, suggests that the holdings of Mr Shetty and his two Emirati partners, Saeed al-Qebaisi and his relative Mr Muhairi, “have been incorrectly reported historically to the company and the market”.

Mr Shetty, co-chairman, and Mr Muhairi will “absent themselves from further board discussions until clarification of these matters”, it added, “pending a board decision about their ongoing roles as directors of the company”.