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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, May 25: After facing flak from the opposition for skipping quarantine rules to contain COVID-19 spread, Union Minister Sadananda Gowda on Monday said there are certain exemption clauses for those who hold certain responsible posts, adding that he cannot go under quarantine as he has to ensure medical supply in every part of the country.

"Guidelines are applicable to all citizens, but there are certain exemption clauses, for those who hold certain responsible posts," Gowda told media on being asked about allegations by opposition parties that he did not go to required institutional quarantine after domestic air travel from Delhi to Bengaluru.

"I am a Minister and I am heading Pharmaceutical Ministry. If the supply of medicines and other things is not proper then what doctors can do for patients, is it not a failure of government? It' is my responsibility to ensure the supply of medicines to each corner of the country," he said.

Earlier in the day, the BJP MP, who arrived at Bengaluru airport from Delhi and straight away got into his car and drove to his residence. He skipped the institutional quarantine measures as set by the Central government.

Karnataka Director General of Police Praveen Sood said: "Incoming domestic flight passengers from Maharashtra, Rajasthan, Delhi, Gujarat, Tamil Nadu, Delhi and Madhya Pradesh will undergo 7-day institutional Quarantine followed by home quarantine."

Bengaluru, May 3: Karnataka Chief Minister BS Yediyurappa on Sunday said that his government has allowed labourers to travel to their hometowns in the state on KSRTC buses free of charge for three days starting on Sunday.

"Labourers have been allowed to travel in KSRTC buses free of charge from the district centres and capital Bengaluru to their hometowns in Karnataka for three days from today," Yediyurappa said.

"The government will bear the cost of travel. The concern is that a large number of labourers should not assemble at any bus stop," he added.

The Ministry of Home Affairs (MHA) on May 1, issued an order to extend the ongoing lockdown by two more weeks from May 4 and also allowed the movement of migrant workers, tourists, students and other persons stranded at different places, by special trains.