Mangaluru: M.Tech student Thariq Aziz's innovative construction unveiled

Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.

The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud. 

The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt

"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.

"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.

The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.

The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.

As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.

The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."

Mangaluru, Feb 2: A video of a woman rescuing a dog from a well in Mangaluru has gone viral on social media. The dog fell inside the well accidentally and the woman rushed to the spot to rescue it. The two minute seven second video has been shared on Twitter by a user, Mauna, and has ever since been viewed over 15,000 times.

The woman climbed down the well as other people attached a rope to her body during the rescue mission. Another rope was then thrown to her and she tied it around the dog after which it was pulled outside. The woman, thereafter, climbed outside the well with much difficulty.

"Bless the lady who saved the Dog," the user captioned the post.

Watch the video here:

Mangaluru woman risks her life to rescue dog from well, wins hearts pic.twitter.com/4K4xr6yYeB

— coastaldigest.com (@coastaldigest) February 2, 2020

Bengaluru, Jan 29: The Karnataka unit of BJP has urged the Centre and the State governments to ban the Popular Front of India (PFI) and the Social Democratic Party of India (SDPI), accusing them of harbouring terrorist tendencies.

Addressing a press meet, N Ravi Kumar, state general secretary of the party, alleged that there was a nexus between the Congress, the PFI and the SDPI.

“Recent reports have exposed the links between the PFI and the Congress,” he said, accusing Congress leader Kapil Sibal of receiving huge funds from PFI to defend their cases in the Supreme Court.

He also accused the organisations as the ones responsible for the death of 23 Hindu activists in Karnataka. Such incidents have proven that both SDPI and PFI are dubious organisations, he said.