MCC mulls widening 22 roads and junctions to relieve traffic congestion

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, Jun 11: Amid rising COVID-19 cases in the district, the officials of Pilikula Zoological Park are also following quarantine policies for animals similar to those for people arriving in the state from other places.

Zoo officials said that these rules apply only for animals that are brought from other locations.

The officials are keeping animals brought in a separate room for one to two months and their health is monitored by expert Doctors. If there are no symptoms of any diseases, the animals will be clubbed with other Zoo animals.

Bengaluru, Mar 21: Appealing for support to the Prime Minister's call for observing 'Janata Curfew' on Sunday to contain the outbreak of COVID-19, Karnataka Chief Minister B S Yediyurappa has asked people not to come on roads immediately after the end of curfew time as it can nullify the measure.

Noting that people have extended both moral and societal support to this unique curfew, he said "Now, my appeal to people on behalf of Prime Minister Narendra Modiji is, don't come on roads and out of your dwellings immediately after nine in the night when curfew time ends. Remain settled in your houses and bungalows avoiding all public appearances on roads and other public places."

"Your coming out in open can nullify the 14-hour measure to contain the spread of virus. As a co-operation to authorities and the society, please remain indoors and stay with your near and dear ones," he said in a release.

Calling for "resolve and restraint" to fight the virus, the Prime Minister during his address to the nation on Thursday had asked the entire country to observe 'Janata curfew' on Sunday.

Calling for a 'Janata curfew' on March 22 from 7 am-9 pm, Modi had said no citizen, barring those in essential services, should get out of their house, and asserted that it will be a litmus test to show how much India is ready to take on the challenge of the coronavirus pandemic.

Stating the Karnataka government has so far been dealing successfully in containing the Covid-19 virus, Yediyurappa said this has happened because of people's co- operation.

He also asked people not to forget to involve in a bout of applause as a mark of appreciation to people involved in containing the spread of the virus and treating those affected by it.

Three new COVID-19 cases have been confirmed in Karnataka on Saturday, taking the total number of infections to 18 in the state.