Communal clashes in Bihar after video on deities goes viral on WhatsApp

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, Jul 1: Sudarshan Moodbidri, president of Dakshina Kannada district unit of Bharatiya Janata Party escaped unhurt after the car in which he was travelling met with an accident today on the outskirts of the city. 

The car’s front portion was completely damaged in the accident. It is not yet known who was driving the car. Sources said that Sudarshan did not suffer any injury. 

The mishap occurred when the driver lost control while trying to avoid hitting a pedestrian at Mijar near Moodbidri. The car collided with an oncoming vehicle before it veered off the road and entered the roadside sludge.

Sleuths from Moodbidri station police visited the spot as part of investigation.

Lucknow, Feb 24: The Uttar Pradesh Sunni Central Waqf Board on Monday accepted the five acres of land provided for construction of the mosque in Ayodhya.

The Board also decided to form a trust to oversee the construction of the mosque.

The decision was taken in a meeting chaired by the Board's Chairman Zufar Faruqui.

Apart from this, the trust will also construct a charitable hospital, public library and a centre showcasing the heritage of Indo-Islamic civilisation which will also serve as a research and study centre for the same, according to a press release by the board.

The appointment of members to the trust will be announced following its creation, the release added.

The Supreme Court had on November 9 last year directed the Central government to hand over the disputed site at Ayodhya for the construction of a temple and set up a trust for the same.

The apex court had further directed the government to allocate an alternative five acres of land at a prominent location in Ayodhya for the construction of a mosque to the Sunni Waqf Board.