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."
The founder of Islamic Research Foundation has sought Rs 500 crore as damages from Arnab Goswami, Editor in Chief of Times Now and other office bearers.
Comments
Aranab is stinking......good job Zakir Naik Sir!.....he should make this person to sell his underwear to pay this money....
Need of the hour... such a cases should be booked as these (news channels) are deceiving people from knowing the reality .. and misguiding the people from the truth in all the matters.
Zakir naik has no case against him. So why to come india for the dongi cow swami.
If cow swami is arrested who will bark on barking news.
Times now might be called as lie now.
I request income tax dept to kindly check what arnab goswamis total wealth, what he earns & how much is his asset.... i can assure you there will be lot of illegal wealth with him....who sponsored u people very well know
Most of these converted/( they are reverted ) are highly qualified in India.
in West -Europe and US daily people flock into 95% of them are
high highly qualified.
Yes you may disagree with section of sects of Muslims, but it is nothingto do with Islam. Islam itself doesn't allow any forcible conversion. Acceptance should come by their heart and belief.
Please note conversion does not benefit others. The holy quran clearly discourage any compulsion.
In brief Dr. Naik is fully complies islamic propagation
Guidelines
His friends are senior qualified Hindu celebrities
Please come for debate
If media interviews can judge a person and decide then why do we have courts....all bla bla comments from gaaf jale sangheez and porbooz....
So do you accept modiji as killer of Gujarat which was also a media issue....watch on YouTube and enjoy the interview between modi and Karan tappar on CNN IBN....
you dont worth 5 rs frame so wt is there to defame..........notice india aneeko fathat hey cupha huva hey bill mey
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