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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."

Mangaluru, Jul 11: Deputy Commissioner Sindhu B Rupesh has set up an expert committee to look into the cause of deaths of covid patients in Dakshina Kannada.

The development comes after eight more fatalities including that of a CISF personnel attached to MRPL, were reported in the district on Friday.

The district has recorded 23 deaths since July 1 and 38 death cases have been reported in the district since April 19.

Of the 38 deaths, five were from outside the district. All the eight patients, who lost their battle to the virus in the district on Friday, were suffering from co-morbidities.

According to the govt bulletin on Covid-19 cases, comorbid conditions, like kidney failure, brain tumour, TB, pneumonia, liver damage, high BP, diabetes and others, were the main reasons behind the Covid-19 deaths reported in the district.

Bengaluru, Jan 10: The Special Investigation Team (SIT), probing the murder case of journalist-activist Gauri, arrested absconding suspect Rushikesh Devdikar alias Murali (44) from Dhanbad district in Jharkhand on Thursday evening and is bringing him to the city.

Rushikesh is the 18th suspect arrested in the case, Chief Investigating Officer M N Anucheth said. The investigation has revealed that he was primarily involved in the conspiracy to murder Gauri.

Rushikesh, who was hiding in a house in Katras, Dhanbad, will be produced before the local Judicial Magistrate in Dhanbad on Friday, said Anucheth, adding that the SIT had searched his house for clues. "We will obtain a transit warrant from the court and then bring him to Bengaluru," the officer said.

Originally from Aurangabad in Maharashtra, Rushikesh's family still lives there.

Gauri Lankesh was shot dead near her residence at around 8.20 pm on September 5, 2017, by two bike-borne men.