K Jayaprakash Hegde releases BJP’s manifesto for Udupi constituency

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."

Bengaluru, Apr 7: Leader of Opposition in Karnataka Siddaramaiah on Monday urged Chief Minister B S Yediyurappa to announce a special package to help farmers, agriculture labourers and also working class in various sectors who are affected by the lockdown.

Mr Siddaramaiah put forth his demands during a telephonic conversation and the Chief Minister positively responding to it informed that he will formulate a programme keeping in mind the suggestions made by the Opposition, a statement from the LoP's office said.

It said, the Chief Minister also spoke to Mr Siddaramaiah regarding the government's decision to stop supply of free food for poor and needy through Indira Canteens.

Mr Siddaramaiah on Saturday had written to Yediyurappa urging him to utilise Indira Canteens efficiently and provide food for poor and needy until the coronavirus crisis and lockdown is over.

The former Chief Minister's letter had come a day after the state government had decided not to provide free food at Indira Canteens as concerns were raised about the quality and misuse that was happening.

It had, however, decided to continue to provide subsidised food- breakfast at Rs 5 and lunch and dinner at Rs 10, as usual.

Mr Yediyurappa during the phone conversation on Monday appraised Siddaramaiah that the decision to supply food by fixing a price was taken to stop misuse that was happening.

Mr Siddaramaiah, however, insisted the government should provide food free of cost to the poor and needy, by taking care that misuse doesn't happen.

The senior Congress leader asked the Chief Minister to take action against errant officials who allowed misuse to happen, the statement said, adding that Yediyurappa has promised to look into it.

Initially, the government last month had decided that the state subsidised Indira Canteens would provide food packets free of cost to the poor and needy in the wake of the lockdown.

Mangaluru, Apr 10: Complaints have been registered after it came to light that the conditional permission to enter the Dakshina Kannada district for non-COVID-19 patients from Kerala has been misused on two occasions.

Police said on Friday that the Patients are allowed into the district after filling an online form and getting it authorised from the medical officer from Kasargod district hospital.

On April 9, a patient had arrvived at the district hospital complaining of head ache. After preliminary check up by the physician he left in an ambulance that had arrived from Kasargod earlier carrying another patient without informing the physician.