Bollywood music composer duo Sajid-Wajid join BJP

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, Apr 28: Former Chief Minister Siddaramaiah on Tuesday demanded that the Karnataka government announce a "special package" for unorganised sector workers, street vendors and autorickshaw drivers, among others, all daily wagers whose lives are affected by the COVID-19 lockdown. "..a special package needs to be announced to this section of people, this is the demand," Siddaramaiah, who is also Leader of the Opposition in the state assembly, told reporters here.

Alleging that the government has failed to control the spread of coronavirus, he said it is the government's responsibility to take care of the basic needs of those from the unorganised sector, whose lives have been impacted by the lockdown. "It is the duty of the government and they should do it immediately. The package should also be announced. I will hold discussions with leaders of other opposition parties like JD(S), CPI, CPI(M) and BSP in this regard and also on trouble faced by farmers," he added. Alleging discrimination in supply of food packets and ration kits, Siddaramaiah said it was being supplied properly only in constituencies represented by BJP legislators.

"Politics is being played out in supply of food materials to the needy, keeping corporation elections in mind.... We don't want to do politics at this point in time as there is lockdown. If things continue to be the same after the lockdown ends, we will protest on the streets," he said.

Siddaramaiah on Tuesday interacted with representatives of auto rickshaw and cab drivers, street vendors, barbers, unorganised workers organisations, among others, to understand the difficulties faced by them during the lockdown and to know whether help from the government has reached them. He said most of them don't have work and it has become difficult for them to lead their normal lives.

They raised several issues like auto and cab drivers being unable to pay road tax and EMI, he said, adding that he would write a detailed letter to the Chief Minister in this regard The former Chief Minister pointed out that there is about 21 lakh registered organised workers, 1.32 crore lakh unorganised workers and also agriculture labourers in the state.

"Among organised workers only 12.5 of the 21 lakh are said to be getting Rs 2000, that too from the Employees Welfare Fund, while others could not get any money, citing reasons like they have not renewed it," he said.

On the other hand, unorganised sector workers don't get money and were also not getting proper food or ration kits, he alleged Though the labour department claimed that it was supplying one lakh food packets and 1.5 lakh ration kits, as also corporations, there were leakages and it was not reaching the beneficiaries properly, he said.

New Delhi, Mar 21: The Indian Railways has cancelled all train services on Sunday in view of the Janata Curfew called by prime minister Narendra Modi. All mail and express trains will stop services from 4 am to 10 pm on Sunday while all suburban train services will be reduced to a bare minimum.

Around 1,300 long-distance, mail express services will also stand cancelled in light of the curfew to bat Covid-19. These long distance trains will remain cancelled between 4 am to 10 pm on Sunday.

All passenger trains originating between the midnight of Saturday-Sunday will not be run till 10 pm, Sunday, a railway ministry official said.

However, the passenger train services already on run at 7 am on the day will be allowed to run to the destinations, a railway ministry circular to zonal railways issued on Friday said.

The Indian Railways operates around 9,000 passenger trains and 3,500 mail express services each day.

“We have sent a directive to all zonal railways, and they will get back with the total number of train services affected, by Saturday afternoon,” an official ET spoke with, said.

In his address to the nation on Thursday, the Prime Minister called for a ‘janta curfew’ between 7 am to 9 pm on Sunday, in a social-distancing drive amid the coronavirus outbreak.

Passengers alighting at enroute stations from trains already on run, and desirous of staying at the station, may be accommodated in the waiting rooms at railway stations, without overcrowding them, the circular said.

The ministry has advised zonal railways to arrange for hassle-free refund to passengers affected because of cancelled trains, while regulating train services on Sunday.

Meanwhile, to contain the spread of Covid-19, all the food plazas, jan aahar stalls have been advised to be shut until further notice by IRCTC.

The on-board catering services in mail express trains are to be closed until further advice, while static units supplying meals to prepaid trains in operation, will continue to function.