Finablr's independent directors ask founder to clarify stake in payments platform

Two of Finablr's independent directors have formally asked the company's founder and his family to clarify their holdings in the payments and foreign exchange platform's shares.

Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Mulhairi did so by recurring to Section 793 of the Companies Act 2006, issuing formal notices to Shetty.

Their stated aim was to resolve the matter by the end of February, at the latest.

Finablr said in a statement that: "the independent directors have been informed that the Shetty family and their advisers are not yet in a position fully to respond to them but have undertaken to do so as soon as possible."

Bavaguthu Raghuram Shetty had resigned just two days before as co-Chairman of the company that he had founded, NMC Health.

Shetty was the fourth member to have resigned from the UAE-focused health services firm's board in as many days.

There was concern that Shetty had been facing margin calls and had misrepresented his stake in NMC.

Furthermore, on 10 February, Finablr announced that it had "very recently" been made aware of purported arrangements between Shetty, Al Qebaisi and Al Muhairi "which may be relevant to their respective interests in the Company's shares".

Finablr said at the time: "The extent to which the purported arrangements may have affected their respective interests is not yet known to the Company.

"The position is being reviewed by the Company and a committee of independent directors of the Company."

As of 1522 GMT, shares of Finablr were trading were drifting lower by 0.13% to 75.0p and just off their record lows.