Latest news with #AMC
Time of India
5 hours ago
- Automotive
- Time of India
Ahmedabad Municipal sign foretells road collapse, rain delivers
1 2 3 4 Ahmedabad: The civic body appears to have a newfound sense of precognition. Just below the Apparel Park metro station in Khokhra, a warning sign erected in mid-May by Ahmedabad Municipal Corporation (AMC) foretold that the freshly dug road "may collapse in the future". True to the prophetic words, when the heavens finally opened on June 13 and continued the next day, the road did exactly that. This foresight comes as the city once again plunges into its annual rainy season ritual, which is, a test of patience, balance, and sheer luck for anyone attempting to navigate our city's roads. Despite the corporation reportedly splurging Rs 500 to Rs 600 crore annually on road repairs, residents are quick to point out that the results are "scant". You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad From office-goers to students, from truck drivers to delivery agents, all find themselves battling swamped and slippery roads. Even for those in four-wheelers, the challenges are many. "You are dodging craters and constantly burning more fuel from repeatedly braking in the heavy traffic," lamented 33-year-old Mitesh Vyas, a banker from Memnagar. Newly resurfaced roads in Bopal-Ambli, Gurukul-Bhuyangdev road, Maninagar and one near Odhav flyover crumbled soon after the first few instances of showers. "If it rains heavily, you can no longer see the potholes and end up damaging your vehicle or being involved in an accident. At the very least, you will have to endure body pain after the constant bumpy ride," said Akshay Tripathi, a resident of Naroda. To repair each cave-in, the civic body spends Rs 25 lakh. Also, more than 15,000 potholes appear annually during rains, with 19,000 recorded in 2024-25 alone. Separate tenders are issued for pothole repairs, costing over Rs 1 crore per zone, and post-monsoon repairs cost between Rs 5 crore and Rs 7 crore annually, AMC sources said. A recent report by the chief auditor for 2023-24 has unearthed a concerning issue: files pertaining to road resurfacing projects valued at roughly Rs 2,000 crore over the last five years were never submitted for audit. This lapse follows a 2017 scandal involving duplicate bills for road damage repairs and bitumen, after which audits of roadworks across AMC's seven zones were halted.
Time of India
8 hours ago
- Health
- Time of India
Illegal clinical trials at VS Hospital: AMC not to file police complaint
Ahmedabad: The Ahmedabad Municipal Corporation (AMC) has decided not to file a police complaint in connection with the illegal clinical trials conducted at the VS Hospital, despite an inquiry report confirming the act. Tired of too many ads? go ad free now Instead, the civic body will attempt to recover Rs 1.90 crore from three doctors allegedly involved in illegal trials. On Wednesday, deputy municipal commissioner Bharat Parmar told media persons, "No police complaint will be filed regarding the clinical trials at VS Hospital." Notices for recovery have been issued to Dr Manish Patel, former superintendent of VS Hospital; Dr Devang Rana, associate professor and former clinical head; and Dr Dhaivat Shukla. The decision comes after a five-member inquiry committee, formed on April 19, submitted a detailed report running over 500 pages, including a 30-page summary and 500 pages of annexures, to the AMC commissioner. The committee was led by Hina Bhathawala, head of AMC's vigilance department. The probe was initiated following a complaint by Congress corporator Rajshree Kesari from Chandkheda, who alleged that illegal clinical trials were being done at the VS Hospital and the proceeds were being diverted into personal bank accounts of doctors. A preliminary inquiry by the municipal commissioner found merit in the allegations, prompting the formation of the committee. According to sources, the report found that 58 clinical trials were conducted at VS Hospital between 2021 and 2025 without following mandatory legal and ethical protocols. Importantly, no money from these trials was credited to the hospital's official accounts. Instead, funds were allegedly deposited into the personal accounts of the doctors named in the report—and even into accounts of some of their relatives. Earlier, AMC had suspended eight doctors, including Dr Rana, while a notice was issued to retired superintendent Dr Manish Patel. The committee recorded statements of all key individuals involved during the investigation.
Business Standard
10 hours ago
- Business
- Business Standard
Motilal Oswal Asset Management Company crosses milestone of Rs 1.5 lakh in AUM
Motilal Oswal Asset Management Company has achieved a significant milestone with its Assets Under Management (AUM) crossing Rs 1.5 lakh crores across Mutual Funds (Active & Passive), Portfolio Management Services (PMS') and Category-III Alternative Investment Funds (AIFs'). Over the past five years, MOAMC has delivered a robust 34% CAGR in AUM, rising from Rs 35,180 crores in June 2020. This growth is anchored in the AMC's clear and consistent focus on high-quality, earnings-led growth investing. MOAMC today serves ~79 lakh customers across 200+ locations in India and manages ~95 lakh unique folios across its product offerings. Its AUM composition includes ~₹84,300 crores in Active Mutual Funds, ~Rs 33,600 crore in Passive Mutual Funds, ~Rs 15,000 crore in PMS, and ~Rs 17,100 crore in AIFs, underscoring the company's scale and multi-platform capabilities. The AMC has seen a steadily gained a share in incremental mutual fund flows. In FY25, it captured a 7.8% share of net sales in Growth/Equity-oriented mutual fund schemes, up from 1.9% in FY24. Total net flows for FY25 stood at Rs 48,450 crore, with Systematic Investment Plans (SIPs) contributing Rs 9,256 crore.
Indian Express
11 hours ago
- Business
- Indian Express
After probe report on financial irregularities, all but one clinical trials cancelled at Ahmedabad Hospital
When the investigation into the alleged financial irregularities in clinical trials at an Ahmedabad-based government hospital began, 10 trials were underway at the hospital while seven, for which agreements had been signed, were yet to begin. With the irregularities coming to light, all the clinical trials that were in their initial phases were shut down, while those that were yet to begin were cancelled, said a senior official of the Ahmedabad Municipal Corporation (AMC). As of now, only one clinical trial is underway at the Sheth Vadilal Sarabhai General Hospital, Medical Superintendent Dr Parul Shah confirmed with The Indian Express. Meanwhile, at least four to five doctors accused in the scam have returned the amount deposited in their bank accounts, said Dr Shah. 'We have sent the doctors notices that as per the report, we need to recover the money they received directly for the clinical trials. At least 4-5 doctors have already paid back the amount. The rest are also going to pay us back,' said Dr Shah. When asked if the hospital would conduct more trials in the coming days, an official said, 'We have decided to not do any clinical trials at the moment till all these irregularities are sorted out.' As reported by The Indian Express on July 1, a probe panel in Gujarat found financial irregularities in about 65 human clinical trials conducted at the hospital run by the AMC, where 15 doctors allegedly diverted at least Rs 1.87 crore directly to their personal accounts from 2021 — money that should have gone to the hospital first, according to a senior official. It has now also been learnt that the Drugs Controller General of India (DCGI) has asked the hospital not to conduct any more trials without proper standard operating procedures and permissions. The clinical trials that the hospital was conducting included those of drugs and formulations from 34 different pharmaceutical companies and clinical research companies (CROs), and were being managed by up to eight Site Management Organisations (SMOs). Of the 65 trials, a total of 48 had been completed, 10 were underway and seven were yet to begin, for which agreements had been signed. However, according to hospital officials, currently, only one trial is still underway. An official from the AMC Medical Education Trust (AMCMET) said, 'We had stopped most of the clinical trials that were in their initial phases before the investigation began. Only one trial is underway and we will complete that trial in the interest of the patients. No patients have had to suffer due to the financial irregularities.' Dr Shah said, 'The DCGI team that conducted its investigation here at the hospital said that the clinical trials themselves were conducted in a proper manner. Whatever discrepancies were there, were in the financial aspects. The trials were not compromised.' The DCGI, when it conducted its three-day investigation in May, asked the hospital to immediately stop the trials, form an ethics committee and get it vetted by the authorities if they wanted to conduct more trials, said sources. A total of 15 doctors were alleged to have siphoned off Rs 1.87 crore, proceeds from 58 clinical trials, into their personal bank accounts. Only Rs 10.63 lakh had been found to have been deposited in the account of the hospital. An inquiry committee found that a retired Medical Superintendent, an Associate Professor and 12 contractual doctors had been involved in the alleged scam
Yahoo
15 hours ago
- Business
- Yahoo
AMC Entertainment Holdings, Inc. Announces Receipt of the Requisite Term Loan Lender Consents Needed to Move Forward with AMC's Comprehensive Balance Sheet Strengthening Transactions
Term Loan Lenders representing more than 80% of AMC's term loans outstanding under its Credit Agreement already have consented to allow for the beneficial transactions announced on July 1, 2025 to proceed Additional Term Loan Lenders who also wish to provide their consent still can do so through 5:00 pm EDT today LEAWOOD, Kan., July 02, 2025--(BUSINESS WIRE)--AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC" or the "Company"), today announced that Lenders representing more than 80% of its Term Loans due 2029 have joined as a party to the Transaction Support Agreement previously announced, thereby satisfying a material condition to move forward with all of the balance sheet enhancing transactions previously announced on July 1, 2025. Additional Term Loan Lenders who also wish to provide their consent still can do so through 5:00 pm EDT today Highlights of the agreement previously announced include: Approximately $223.3 million of new money financing that will primarily be used to refinance debt maturing in 2026; The immediate conversion of at least $143.0 million of 6.00%/8.00% Senior Secured Exchangeable Notes due 2030, with the potential to equitize up to a total of $337 million of such notes over time; A full resolution of litigation with certain holders of AMC's 7.5% Senior Secured Notes due 2029. For more information, please refer to the Form 8-K filed by AMC yesterday with the U.S. Securities and Exchange Commission and available on our website at Adam Aron, Chairman and CEO of AMC, commented, "We are very pleased to have received the necessary transaction consents from such a large number of our Term Loan lenders, and especially to have received them so swiftly. Their resounding support enables AMC to move forward with transformative transactions that will strengthen our balance sheet, and better position AMC to deliver sustained long-term shareholder value." Aron concluded, "We also are grateful to all of our lenders for their constructive engagement and for their recognizing the strategic importance of these transactions to AMC's recovery. Our lenders' vote of confidence is both meaningful and energizing, as we ride the powerful momentum of a resurgent domestic box office for the remainder of 2025 and into what we believe will be an even more robust 2026. With reduced debt, fresh capital for 2026 maturities, and litigation fully resolved, AMC is operating from a position of renewed strength and optimism." About AMC Entertainment Holdings, Inc. AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 870 theatres and 9,700 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. For more information, visit Website Information This press release, along with other news about AMC, is available at We routinely post information that may be important to investors in the Investor Relations section of our website, We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit to sign up for email alerts. Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "may," "will," "forecast," "estimate," "project," "intend," "plan," "expect," "should," "believe" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based only on the Company's current beliefs, expectations and assumptions regarding the future of the Company's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and speak only as of the date on which they are made. Examples of forward-looking statements include statements the Company makes regarding the terms of the transactions, which are highly uncertain; the Company's ability to complete the transactions on the terms contemplated or at all; the Company's ability to otherwise refinance, extend, restructure or repay outstanding debt; its current and projected liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the Company's expectations regarding its ability to continue as a going concern; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; the impact of foreign exchange rates on the Company's financial performance; and the Company's inability to implement its business plan or meet or exceed its financial projections. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, and are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing the Company, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and Form 10-Q for the quarter ended March 31, 2025, each as filed with the SEC, and the risks, trends and uncertainties identified in the Company's other public filings. The Company does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law. Category: Company Release View source version on Contacts INVESTOR RELATIONS:John Merriwether, 866-248-3872InvestorRelations@ MEDIA CONTACTS:Ryan Noonan, (913) 213-2183rnoonan@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
