Ramadan begins in Mangaluru, Udupi; no taraveeh in mosques

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 22: The Karnataka government, which has fixed Rs 200 as fine for not wearing masks and covering faces to contain coronavirus spread, has collected Rs 3.43 lakh from 15,000 people as fine from May 5 till date.

"From May 5, the government has collected Rs 3,43,000 by fining 1,715 citizens for nor wearing masks or covering their faces," the Bruhat Bengaluru Mahanagar Palike (BBMP) Commissioner said in a statement.

Here is a zone-wise chart showing fines that have been collected:

Meanwhile, Karnataka Medical Education Minister Dr K Sudhakar said the state has reached its target of scaling up to 10,000 tests per day by conducting 11,499 tests on Thursday. In Kalaburagi, where the first COVID-19 case was confirmed in the State, conducted over 1000 tests yesterday.

"By conducting 11,449 COVID-19 tests yesterday, we reached our target of scaling up to 10,000 tests per day Kalaburagi that saw the first COVID-19 case in the state conducted over 1000 tests yesterday," Sudhakar said.

As per the Union Health Ministry, Karnataka has 1,605 positive cases, of which 571 have been recovered and discharged and 41 have succumbed to the infection.

Mysuru, Apr 25: Karnataka State Road Transport Corporation (KSRTC) has converted one of its buses into a clinic in Mysuru to treat COVID-19 patients.

The mobile fever clinic has a bed for the patient and a cabin for doctor.

There is also a seating facility, medicine box, washing basin, sanitizer, soap oil, a separate water facility and fans.
According to the KSRTC, the cost of this clinic construction on a bus is Rs 50,000.

Meanwhile, 15 new positive cases were reported in the state. So far, 489 COVID-19 positive cases have been confirmed, including 18 deaths and 153 discharges in the state.