Cong to face 2018 Karnataka polls under collective leadership: KPCC chief

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."

Udupi, Feb 10: The throat swabs of three suspected coronavirus patients in Udupi that was sent for tests have come back as negative.

Throat swabs of three persons who got admitted at a district government hospital in Udupi with symptoms of fever on Friday was sent to Bangalore medical college and research institute for test to know whether the admitted persons who returned from China 15 days back had contracted coronavirus.

The 30-year-old man from Kaup taluk had been China on personal work and had returned to Udupi 15 days back. Upon showing the symptoms of fever, throat pain and cold, he was suggested to get admitted.

He was admitted in the isolation ward and was directed to remain under quarantine till the observation period ends and till the test report is obtained.

Another family from Mandarthi, a man and his wife, who had returned after a tour from China 15 days back were also kept under observation at the isolation ward in the district government hospital, Udupi.

Udupi DC G Jagadish has said that there are no coronavirus case reported in Udupi and people need not panic. Sources said that the three tested negatives for coronavirus in Udupi will be discharged from the hospital on Monday.