4 of 15 cattle killed as speeding truck topples during illegal' transportation

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."

Bengaluru, Feb 14: BJP leader and Karnataka Revenue Minister R Ashok refused to comment on the Bellary car accident case, allegedly involving his son, saying that the matter was still under investigation and that they did not have anything to do with the said car.

The car crash took place on February 10, when a speeding red Mercedes Benz allegedly driven by Ashok's son rammed into a tea stall by the roadside killing two people. While a 16-year-old boy Ravi died on the spot, one of the car's passengers was also killed in the accident.

"I came to know about the incident and also heard that two people have died and a few others have sustained injuries. Everybody is equal under the law. It is not fair to comment as a minister when the case is being investigated," Ashok told reporters here on Thursday.

However, the minister avoided answering questions about his son's presence in the car and said that they had "no connection" with the car.

"The case is in the investigation stage, I don't want to comment on anything. My son's name is not present in the FIR. We have no connection with the car," he said.

Superintendent of Police CK Baba told reporters that Ashok's son was not present in the car.

"There was no senior BJP leader and Revenue Ministers's son in the car. We will not hide anything and the case will be investigated," Baba said.

Bengaluru, Jul 10: Alarmed by the surging COVID-19 cases across the state, especially in Bengaluru, Karnataka Chief Minister BS Yediyurappa on Thursday urged the state capital’s residents not to visit their villages to prevent the infection’s spread.

“I urge the people of Bengaluru not to travel to their villages and prevent the infection from spreading in rural areas,” Yediurappa told reporters.

Admitting that the battle against the virus would be long, he said that the fight against COVID-19 could be won only through persistent efforts and with people’s cooperation with the frontline ‘warriors’.

“Combating the pandemic through preventive measures, providing treatment to the infected and saving lives are our priority,” he said.

With a record 2,228 positive cases on Thursday, the southern state’s COVID-19 tally shot up to 31,105, including 17,782 active cases, while 457 people have died of the infection till date, 17 just in the last 24 hours.

Of the new cases in the state, Bengaluru accounted for 1,373, taking its tally to 13,882, including 10,870 active, while 177 have succumbed to the virus since March 9.

No deaths were, however, reported in the city on Thursday.

Of the 457 patients in intensive care units (ICU) across the state, 292 are in Bengaluru hospitals.

Since unlock began on June 1, COVID-19 cases shot up to 15,242 on June 30 from 3,221 on May 31 and to 31,105 in 9 days since July 1.

Similarly, in Bengaluru, positive cases shot up to 4,555 on June 30 from 358 on May 31 and rose to 13,882 in 9 days since July 1.

The Chief Minister also appealed to all legislators of the ruling and opposition parties to give priority to contain the disease in their Assembly segments.

“Visit the COVID-19 designated hospitals and inspect if the required facilities are in place and bring any shortcomings to our notice,” the CM said