DK Shivakumar is now front runner for Karnataka Cong chief post

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."

Mangaluru, May 24: A youth committed suicide by jumping into River Netravati from the old bridge at Panemangaluru on the outskirts of the city. 

The deceased has been identified as Nishant, son of Chandrahasa Moolya, a resident of Kolakeeru, near Kalladka in Bantwal taluk. 

When Nishant jumped to river, a few Muslim youths - identified as Shameer Goodinabali, Mohammad, Tauseef, Mukhtar, Zahid and Arif - also jumped to river in an apparent bid to rescue him. 

Though they managed to take an unconscious Nishant out of the water, he breathed his last without responding to any treatment. Jurisdictional Bantwal town police visited the spot later.

Meanwhile, a few locals captured the video of Muslim youths' attempt to rescue a Hindu youth on Eid al-Fitr amidst covid-19 lockdown. The video went viral within hours. 

Social media platforms including WhatsApp and Facebook flooded with messages appreciating the courage of Muslim men, who endangered their lives to save a Hindu youth on Eid day.

Bengaluru, May 24: Karnataka has conducted 2.03 lakh tests across the 57 Indian Council of Medical Research (ICMR) COVID-19 testing labs till Sunday morning, said the state Minister of Medical Education Dr K Sudhakar.

He informed that the state has doubled the number of tests in just 16 days after clocking 1 lakh tests on May 8.

"After clocking 1 lakh tests on May 8, we have doubled the number of tests in just 16 days. As on this morning, we conducted 2.03 lakh tests across our 57 ICMR COVID-19 testing labs. I congratulate doctors and lab technicians on this achievement," Sudhakar tweeted.

As many as 1,743 people have been detected positive for coronavirus in the state, of which 597 have been cured and discharged and 41 have succumbed to the infection, as per the Union Health Ministry.