Gang war: Rowdy-sheeter’s brother hacked to death on his house terrace in Mangaluru

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."

Belagavi, Apr 12: Karnataka police have filed cases against seven people for hiding their visit to Delhi for attending a religious congregation at Nizamuddin Mosque, last month, police said on Sunday.

The Commissioner office here, in a statement said that Hirebagewadi police filed cases against seven persons including one participant and his family members and Tablighi leader for hiding information regarding participation in the religious meeting 'Tablighi Jamaat ' at Nizamuddin in New Delhi in March.

A youth from the Hirebagewadi village had visited New Delhi and hidden information about his visit and misguiding the Task Force officials when they visited his house. COVID-19 Task Force and Model officials informed the matter to Hirebagewadi police.

Mangaluru, Jul 15: A septuagenarian from Bantwal taluk died due to coronavirus infection at a hospital in the city taking the covid-19 death toll in Dakshina Kannada to 54.

The deceased was a 73-years-old and a resident of Kasaba village in Vittal, Bantwal. Recently eight members of his family were tested positive for covid-19 including his son.

He was admitted to a hospital in Mangaluru where he was tested positive for the virus. He did not respond to the treatment and breathed his last, sources said.

The final rites were carried out by a team of trained activists of Popular Front of India (PFI) at a designated graveyard. All necessary precautions were taken by the authorities concerned and police during the funeral.