Speeding car rams into electric pole; cops avert major catastrophe

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, Mar 21: Central Crime Branch (CCB) sleuths have nabbed a three-member Irani gang, including a woman and recovered from them 1 kg 33 gram stolen gold chains worth about Rs 40 lakh.

City Police Commissioner Bhaskar Rao told newsmen here on Saturday that the arrested were identified as Abujar, Abdul Hussain and Ms. Jenia, all hailed from Bhopal in Madhya Pradesh.

He said that the culprits, who had been arrested on similar theft cases, were out on bail and continued their criminal activities. They were involved in more than 23 cases.

Mangaluru, May 19: With lockdown 4.0 coming into force, the Karnataka State Road Transport Corporation (KSRTC) started bus services from Mangaluru to various destinations today.

According to officials, buses started plying from Mangaluru to Bengaluru, Mysuru, Shivamogga, Hubballi and other areas with limited passengers. A bus, which left for Bengaluru from Mangaluru had less than 30 passengers on board.

“Depending on the demand, the buses will be operated with 50% of the capacity. Measures have been taken to ensure that social distancing norms are adhered to while purchasing tickets from the counter,” said S N Arun, KSRTC Divisional Controller.

However, the KSRTC is yet to take a decision on operating Nagarasarige buses in the city. 

“Only those destinations, which can be reached by 7 pm has been considered by the KSRTC while operating the buses. As a result, after 11 am, no buses will travel to Bengaluru from Mangaluru. Further, permission will not be accorded for the travelling of pregnant women, children below 10 years old and senior citizens above 60 years old. Thermal scanning is used for checking the temperature of the passengers before boarding the buses. All the buses are sanitised after each trip,” he said.

Further, he said the contact number, name and address of the passengers are collected by the officials during the travel.