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After laying off hundreds of staff, NMC Health set to sell trading unit to different parties

coastaldigest.com news network
May 27, 2020

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."

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coastaldigest.com news network
May 9,2020

Dubai, May 9: A flight scheduled to bring back Kannadigas, especially Mangalureans stranded in Dubai on May 14 has been rescheduled to May 12.

The flight will take off from Dubai at 4.10 pm UAE time and reach Mangaluru International Airport at 9.10 pm IST on May 12, announced Union Minister DV Sadananda Gowda in a tweet.

The flight was earlier scheduled for May 12 and then it was postponed to May 14. Now, it has been rescheduled to May 12.

It is said that constant persuasion from NRIs in UAE led to advance the paid evacuation drive.

In fact, Karnataka was missing in the list of states to receive special flights when Ministry of External Affairs arranged them to bring stranded Indians at UAE. Special flights were arranged only to Kerala and Tamil Nadu people stranded at UAE in the first stage.

Thanks to Karnataka NRI Forum of UAE which opened helpline to seek assistance to Kannadigas, nearly 2000 Kannadigas have registered for assistance in which 127 pregnant women, 27 senior citizens, 700 people who have lost jobs aftermath of coronavirus sought assistance from NRI forum.

In the first flight, priority will be given to people with medical emergency and pregnant women. Once the passengers reach Mangaluru, they will be quarantined in their home districts.

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coastaldigest.com news network
February 7,2020

Newsroom, Feb 7: Prime Minister Narendra Modi’s recent statement that there is no detention camp in India is no more a lie. That doesn’t mean that there are no detention camps in the country, but the name of the camps have changed. 

In December, at a mega rally at Ramlila Maidan, meant to launch the BJP's campaign for the assembly elections in Delhi, Mr Modi had stated: “The rumour of detention centres being spread by the Congress and urban Naxals is totally false. This is being done with a bad intention to destroy the country, it’s filled with evil motives; this is a lie, lie, lie.” He had further claimed: “Neither are any of the country’s Muslims being sent to detention centres nor is there any detention centre in India”

In reality there are at least six detention camps in jails in Assam to house foreigners found staying in India illegally. A month prior to PM’s statement, Union minister of the state for home affairs Nityanand Rai had revealed that the six camps in Assam housed 1,043 foreigners — 1,025 Bangladeshis and 18 Myanmarese. Apart from these, at least ten new detention centres are coming up.

Outside Assam too, the Maharashtra government, under the then chief minister Devendra Fadnavis, had identified land for the state’s first detention centre for illegal immigrants.

Besides, in a case relating to illegal immigrants in Karnataka High Court in November this year, the Centre had told the court that it had written to all state governments in 2014 and sent a follow-up letter in 2018 to have detention centres to house foreign nationals illegally staying in India.

Karnataka’s first detention centre, apparently meant to lodge illegal immigrants and migrants overstaying in the country, is already open in Sondekoppa village on the outskirts of Bengaluru. The facility with several rooms, a kitchen and toilets has been kept ready on the directions of the government. 

Meanwhile, Union Minister of state for home Nityanand Rai has told the Lok Sabha that the name "detention centre" has now been changed to "holding centre".

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coastaldigest.com news network
August 8,2020

Mangaluru, Aug 8: As visuals of the Air India Express flight crash at Kozhikode international airport emerge, one cannot help but be reminded of an eerily similar and unfortunate accident that occurred a decade ago. The August 7, 2020 tragedy brought back memories of the 2010 crash.

It was on May 22, 2010 that an Air India Express Boeing 737-800 flight from Dubai to Mangaluru over shot the runway while landing at Bajpe airport and fell into a cliff. Of the 160 passengers and 6 crew members on board, 158 were killed (all crew members and 152 passengers) and only 8 survived.

Even back then, the plane had split into two. The crash has been termed as one of India's worst aviation disasters.

The final conversations between Air traffic control (ATC) and the pilot prior to the landing showed no indication of any distress.

Like the Mangaluru accident, Karipur crash too happened when the flight was attempting to land.

The captain of the aircraft which crashed at Mangaluru, Z Glucia, was an experienced pilot with 10,000 hours of flying experience and had 19 landings at the Mangalore airport. Co-pilot S S Ahluwalia, with 3,000 hours of flying experience had as many as 66 landings at this airport. Both the pilot and co-pilot were among the victims.

An investigation into the accident later found that the cause of the accident was the captain’s failure to discontinue an ‘unstabilised approach’ and his persistence to continue with the landing, despite three calls from the First Officer to ‘go-around’.

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