If you want me to continue as DyCM then vote for disqualified MLA: Laxman Savadi to voters

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."

Kochi, Apr 18: The Centre on Friday informed the Kerala High Court that there was no immediate plan to bring back the Indian citizens stranded in the Gulf countries due to the novel coronavirus outbreak and that the expatriates had been granted visa extension.

The counsel for the central government made the submission before a division bench comprising justices Rajavijayaraghavan and T R Ravi during the hearing of a plea seeking a direction to bring back Indians stranded in the UAE.

Permission of the Gulf countries was required to send medical teams there to carry out medical examination of the stranded Indians, the counsel said when the court sought to know the Centre's view on Kerala government sending medical teams to the Gulf countries to deal with the issue of COVID-19 disease among Malayalees there.

The court posted the plea for April 21 for consideration after the Central government informed that a similar petition is under consideration of the Supreme Court.

In its plea, Kerala Muslim Cultural Centre (KMCC) in Dubai, the organisation for non-resident Indians from Kerala, sought directions to the Ministries of External Affairs and Civil Aviation to provide exemptions in the international air travel ban to bring back Indians stranded in the UAE.

The petitioners noted that those who return could be kept in quarantine as per the protocol of the World Health Organisation (WHO).

Mangaluru, Mar 1: A youth lost his life in a lift crash at a wedding hall at Kallapu near Thokkottu on the outskirts of the city today. 

The deceased has been identified as Hamzah (30), a resident near Thumbay, who was part of the catering team hired for the marriage ceremony. 

The tragedy occurred at around 2 p.m. when Hamzah was getting ready to bring utensils and other things by lift from the third floor of the hall. All of a sudden, the lift’s ropes came loose and Hamzah lost his balance and got trapped inside.

He was pulled out and rushed to a hospital in Deralakatte, but he breathed his last on the way. He is survived by his wife and three children.