A mad man governing Karnataka: Eshwarappa

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,  Jul 9: Former Karnataka Chief Minister and Congress leader Siddaramaiah on Wednesday said that he was opposed to a tie-up with Janata Dal-Secular in the last Lok Sabha elections but the party high command did not listen to him.

"I had suggested that we should fight alone (in Lok Sabha elections) because JD-S votes would not have come to us and our votes would not have gone to JD-S," Siddaramaiah told reporters here.

Congress leader said that he was the only one to make the suggestion and he did not get support.

"I was the only one to raise a voice that's why it was not heard by (party) high command and I did not get support. We might have won over seven seats in parliament election if we had fought alone," he said.

After forming government in Karnataka in 2018 with support of JD-S, Congress had fought the 2019 general election in a pre-poll alliance with the party. Congress could only one seat of the 21 it contested and JD-S also won one seat of the seven it contested.

Riyadh, June 24: Thousands of expatriates who managed to return to their home countries from Saudi Arabia during covid-19 lockdown are now in a dilemma as the Kingdom has clarified that it will not allow their re-entry till the end of the corona crisis. 

The Directorate General of Passports (Jawazat) announced on Tuesday that the mechanism to resume extension of the exit and re-entry visas for expatriates who are outside the Kingdom will be announced only after the end of the pandemic crisis.

The Jawazat stated this on its Twitter account while responding to queries from a number of expatriates who are currently outside the Kingdom and whose exit and re-entry visas have expired.

They inquired about the possibility of returning to the Kingdom after the resumption of international flight service. 

The Jawazat reiterated that the return of expatriates who left Saudi Arabia will be only after the end of the pandemic and in accordance with the process to obtain a valid re-entry visa.

The directorate said that in the event of any new decisions or instructions in this regard, they will be announced through the official channels.

It is noteworthy that the Jawazat had previously confirmed that its electronic services are continuing through the Absher and Muqeem online portals of the Ministry of Interior and that the service for messages and requests is still available and continuing through Absher for all the beneficiaries of its services.