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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Elite Indian nationalism defined: Every elite Indian can give his/her life for learning English if he/she needs to live in New York or London. But no elite Indian will sacrifice even a penny for learning Kannada if he/she needs to live in Bengaluru. Nationalism of jokers is always like that. (There are some rare exceptions to that, of course).
Look at how much useful English has been to India: India is one of the worst countries in education; the most starved country; suffers trade losses of more than 40 billion US dollars each year with China alone (I hope you know China doesn't teach in English); ranks 150th in per capita exports; administratively the most stupid one because administration is being carried out in language whish people don't understand; Also read this quotation from a worldwide study carried out by UNESCO, ‘What seems to be standing in our way is a set of myths about language and learning, and these myths must be revealed as such to open people’s eyes. One such myth is that the best way to learn a foreign language is to use it as a medium of instruction. (In fact, it is often more effective to learn additional languages as subjects of study.) Another is that to learn a foreign language you must start as early as possible. (Starting early might help learners to have a nice accent, but otherwise, the advantage goes to learners who have a well developed first language.) A third is that the home language gets in the way of learning a foreign language. (Building a strong foundation in the first language results in a better learning of additional languages.) Clearly, these myths are more false than true, yet they guide the way policymakers tend to think about how speakers of other languages must learn dominant or official languages.’ I will like to discuss with you further Mr. BigZero. If you agree, mail me at [email protected]
Can anything be more anti-national and educationally more stupid than what these 'Crazy' Board of Secondary Education people are saying? Kindly give your arguments if your answer is in Yes. Today itself, I stated in my TV interview that I don't find any education Board educationally as illiterate as the Indian 'Crazy' Board of Secondary Education. This is one more evidence of their illiteracy. I have mailed to the CBSE sataraps about their illiteracy on educational matters. But they never replied.
ಕರ್ನಾಟಕದ ಮಾತೃ ಭಾಷೆಯನ್ನು ಉಳಿಸುವತ್ತ ಸರ್ಕಾರದ ಹೆಜ್ಜೆ. ಸರ್ಕಾರಕ್ಕೆ ಅಭಿನಂದನೆಗಳು....
I find this interesting: "It is not a prestige not to learn Kannada...". Unfortunately,
many "elites" speak in other Languages - particularly in English - to show off.
There are problems with Kannadigaas too - we can't speak Kannada
without 80% English in it....
Court must be moved to knock out a ridiculous order. Language is correctly the choice of schools, parents and students. And students should not be burdened to learn languages that will have no use to them.
Karnataka govt. should close these schools if they refuse to comply.
When Hindi & English are mandatory and they did not make a hue and cry against these, what is their problem teaching Kannada in Karnataka?
UP-Bihar's Hindi language mandatory in Karnataka is OK, but not Kannada? What kind of nonsense is this?
@Ravi: Very correct and logical. Moreover, Karnataka and Kannada have been
taken for granted, by most of the people from outside.
People who don't want to learn Kannada in Karnataka and want to treat this place just as a safe haven for jobs, property and weather should leave the state. We have enough freeloaders here from all parts of the country resulting in the chaos in the city. Its time for the Govt. and Courts to tighten the strings.
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