22 IAS, one IPS officer transferred in Karnataka

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."

Mandya, Jul 6: Mandya Lok Sabha MP Sumalatha Ambarish tested positive for COVID-19 on Monday, July 6. Confirming the same, she tweeted, “It (test result) is positive with very mild symptoms and I have been advised home treatment,” she confirmed.

“I had developed mild symptoms of headache and throat irritation on Saturday, July 4. I decided to get myself tested as I might have been exposed to COVID-19 during the course of my constituency duties and tours. The results arrived today. It is positive with very mild symptoms and I have been advised home treatment,” she said in a tweet.

The MP sad she was going through the prescribed treatment as per her doctor’s instructions. “By God’s grace, my immunity level is strong and I am confident that I will soon get through this situation with your support,” she said, adding that she had already given the authorities the details of the persons who she might have come in contact with.

“But I would still urge those who have come in contact with me, if you have any symptoms, to get tested immediately. Let’s win the war against COVID-19,” she further said. Sumalatha had been involved in COVID-19 activities in her constituency which has recently seen a spike in the number of cases.

Bengaluru, Mar 18: In the backdrop of the breakdown of the COVID-19 virus across the state, the ongoing Budget session of the Karnataka Assembly, which is scheduled to end of this month, is likely to be cut short by one week.

According to official sources, the state government, which had shut down all the congregating places including Malls, Theatres, Marriage Halls and banned all the public functions, is in favor of the cutting short the ongoing Assembly session, to give focus on keeping a tab on the COVID-19 disease.