In an interesting twist to the financial quagmire NMC Health is already in, BR Shetty, its founder and chairman, has stepped down from the company’s board.

HJ Mark Tompkins will act as sole chairman of the company, according to the FTSE 100-listed operator, which has been battling questions over the group’s ownership structure and finances.

Two other top executives, non-executive director Abdulrahman Basaddiq, and chief investment officer Hani Buttikhi have also resigned. Vice-chairman Khalifa Butti Omeir Bin Yousef resigned last week.

UK finance regulators have already launched an investigation into the finances of the company after there were reports of inaccurate shareholdings of Shetty and other controlling investors in the business.

The report had prompted NMC to admit that there had been some complex shareholder dealings involving Shetty and other top investors.

In its statement, the embattled company has stated, “In his resignation letter to the board, Buttikhi confirmed that he first became aware of previously unreported share transactions between the principal Shareholders in recent days when they were notified to, and then announced by, the company.”

According to NMC, Basaddiq has also confirmed that he had “no knowledge of any possible transfer of ownership of shares between the Principal Shareholders in May 2017, nor in relation to some unreported pledges and/or other securitization of shares by the Principal Shareholders which have now been notified to the Company.”

Shares in the company have fallen around 70 per cent in value since well-known short-seller Muddy Waters raised questions over its finances late last year.