Bombs, weapons seized near BJP office; 1 Sangh Parivar activist held, many escape

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."

Udupi, Jul 7: A hotelier committed suicide by jumping into a well at Hiriadka in Udupi district last evening. 

The deceased is Raghavendra Bhat (48), a resident of Kadiyali and owner of Hotel Shivasagar in Kadiyali.

He had been to his brother's house in Hiriyadka where he resorted to the extreme step. 

He was known for organising tiger dance competitions during Sri Krishnashtami every year.

He had contested the Udupi CMC election from Congress party, but had lost by a few votes. Later he had joined the BJP.

A case has been registered ar Hiriadka police station and investigations are on.

Tirupati, Jul 5: The Karnataka government will soon build a massive pilgrim amenities complex and marriage hall at Tirumala, the hill abode of Lord Venkateswara, at an estimated cost of Rs 200 crore, a temple official said here on Saturday.

The state would soon submit a blueprint for the construction of the Rs 200 crore mega complexes to the Tirumala Tirupati Devasthanams (TTD) that governs the hill shrine, the official said.

Consequently, based on the designs, TTD would construct the complexes with the given fund and after completion, they would be handed over to the Karnataka government, he said.

Karnataka Chief Minister BS Yediyurappa would lay the foundation stone for the mammoth complexes on the hills some time next month, he said.

Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy is likely to take part in the programme, he added.