Indian women should cover themselves fully like Arab women: Mate Mahadevi

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, Jan 5: Lambasting Chief Minister B S Yediyurappa over the proposal to rename Ramanagara as Nava Bengaluru, former chief minister H D Kumaraswamy on Sunday said that such a move will be an insult to Lord Ram, after whom the district is named.

In a series of tweets, Kumaraswamy accused that renaming the district was a pretext to sell its fertile irrigated land to capitalists. Yediyurappa also wants to settle a score with me by renaming it, he alleged

"If Yediyurappa wishes to develop Ramanagara, he should release the funds allocated in the budget. If you want to develop it further, you will find support from me and my people. But, don't set fire to the districts' culture and identity by changing its name," he tweeted.

Mangalore, Jan 15: In one of the biggest seizure of gold in the new decade, Directorate of Revenue Intelligence (DRI) sleuths here have seized five kg of gold valued at Rs two Crore from the Air Cargo Complex at International Airport here recently.

Acting on a tip-off the officers of Directorate of Revenue Intelligence (DRI) Bangalore and Mangalore in a co-ordinated effort unraveled a unique modus of smuggling of gold through Air Cargo Complex, at old airport, Bajpe Mangalore two days back, According to release issued here on Tuesday evening.

The smuggled gold was concealed in five metal sprockets which were imported by M/s Swaroop Mineral Pvt Ltd of Udupi in the name of “mining conveyor drive chain”.