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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."

Bareilly, Jun 22: The All India Tanzeem Ulama-e-Islam, a religious and social organisation headed by five senior clerics, has issued a fatwa to boycott Chinese products in the country.

The clerics said the community members should stand with the army and government in this hour.

Expressing concern over India-China face-off, National general secretary of All India Tanzeem Ulama-e-Islam, Maulana Shahbuddin Rizvi expressed concern over the India-China face-off and said, "A fatwa has been passed for boycotting Chinese products on a query posted by a Bareilly-based resident. The clerics in the fatwa have condemned the conspiracy of China to encroach upon Indian land and the killing of our brave soldiers."

The panel of five clerics include national president of All India Tanzeem Ulama-e-Islam Mufti Ashfaq Hussain Qadri, Mufti Iqbal Ahmad Misbahi, Mufti Tauqir Ahmad Qadri, Mufti Hashim Raza Khan and Qari Saghir Ahmad Rizvi.

Bengaluru, Jun 25: State-run Kumara Krupa Guest House in the city will be used as 100-bed COVID-19 treatment center for the designated category patients, Karnataka Health Department Sources said here on Thursday.

According to official sources, one wing of the Guest House with 100-bed rooms of individual occupancy having all the facilities is reserved to work as Covid Care Center (CCC) and it will be used for Ministers, MPs, MLAs/MLCs, Senior officers of above Secretary rank for clinical management.

The total number of positive cases reported till date in the State has increased to 10,118, the sources added.