Currency notes issued before to 2005 to be withdrawn

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."

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

Mangaluru, Jan 18: Congress leader Siddaramaiah targeted Union Home Minister Amit Shah soon after he arrived in Bengaluru on Saturday, demanding his answers on various questions pertaining to the state.

In a slew of tweets under the #AnswerMadiShah banner, Siddaramaiah raised issues ranging from the August 2019 floods to the recent police shootout in Mangaluru that killed two people during an anti-CAA protest.

On December 19, Jaleel (45) and Nausheen (24) were killed after the police opened fire during a protest against the CAA.

“Two innocent victims were killed in Mangaluru in what public opinion says that it is a fake encounter. You are the Home Minister of the country. Don't you think adequate investigation has to take place when people cry foul about the incident?” Siddaramaiah asked.

He further asked: “Mr Amit Shah, before investing time to brainwash people to accept your divisive policies, why don't you visit flood-affected areas again and assess if the Central government funds  are sufficient or not?”

The Congress leader pointed out that Chief Minister BS Yediyurappa had claimed that Karnataka suffered losses of over Rs 35,000 crore due to the floods. “But your aid is just Rs 1,870 crore. When are you planning to give the remaining? Will there be any funds left after the implementation of CAA, NPR & NRC?” he added.

The former chief minister brought up the Mahadayi river water sharing dispute. It may be recalled that Shah, in the run-up to the Karnataka Assembly elections in 2018, had promised a resolution to the dispute within six months if BJP was voted to power in the state.

“Mr. Amit Shah, your colleagues give contradictory statements on the initiation of Mahadayi project. Why is there a change in stance after elections? What is your stand on the issue,” Siddaramaiah asked.