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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."

Mysuru, Mar 13: A state-of-the-art viral research laboratory in the city has been identified as one of the testing laboratories for the detection of COVID-19, official sources said here on Friday.

The samples of suspected cases could be sent to the lab for analysis and it would take about three hours to get the results.

The Viral Research and Diagnostic Laboratory (VRDL), which was set up from Central grants and functions at the Microbiology Department of K.R. Hospital, has been authorised to carry out the tests. This lab in Mysuru is among the 52-plus laboratories in the country.

Though the VRDL is equipped to carry out the tests, the sole authority of confirming the virus lies with the Indian Council of Medical Research (ICMR)-National Institute of Virology (NIV) in Pune. VRDL is also the sole agency for collection and transportation of suspected samples of COVID-19 to NIV.

VRDL, which is part of the Mysore Medical College and Research Institute, functions on the advice of NIV.

According to the guidelines issued by ICMR, the results of the tests done here have to be shared with NIV the same day and the labs are not supposed to disclose the results since the NIV is the only authority to declare positive cases. Also, confirmation from the NIV should be awaited in case the samples test negative for COVID-19. The ICMR, in the guidelines made available on its website, has advised clinicians at labs to isolate the patient tested positive for COVID-19 in the identified facility and follow bio-safety precautions.

VRDL is a part of a network of labs established by the Department of Health Research, Government of India. The rise in the number of viral outbreaks and the resultant mortality had been cited as key reasons for the launch of network of such hi-tech labs in the country.

The NIV and the National Centre for Disease Control, Delhi, are the top laboratories for the network, while the National Institute of Epidemiology, Chennai, is the supervising authority for the data generated by the network of labs, sources added.

Bengaluru, Jan 28: Brace for hefty traffic penalties as the state government is all set to reverse a notification on revised fines which came into effect last September following pushback from road users and opposition parties.

The Karnataka government will implement traffic penalties as stipulated in the amended Motor Vehicles Act, 2019, in a phased manner following a diktat from the Centre. The government did not specify the timeline for it.

“At a recent meeting of transport ministers from various states, the Union government explained why it wanted to implement these huge fines. We found it convincing and will implement it in its original form,” said transport minister Laxman Savadi on Monday.

Savadi said India’s image globally has taken a beating due to the high number of road deaths and the Centre wants to change it at any cost. However, he said the entire set of hefty fines would not be reintroduced all at once.

BJP govt revised rates in Sept

The BJP government last September had revised fines on compoundable offences and those which are fined on the spot by traffic cops by 50%- 80%, barring drunken driving and racing.

As per the revised rates, helmetless riding attracted a penalty of Rs 500 against Rs 1,000 notified by the Centre. Driving without a licence attracted a fine of Rs 1,000 for

two- and three-wheelers and Rs 2,000 for light motor vehicles as against the earlier Rs 5,000 for all types of vehicles.

The central government recently told states and Union Territories they should enforce fines as per the amended Act and they cannot be rolled back. The road transport and highways ministry said fines cannot be reduced below the minimum amount fixed by law, unless the President gives his assent.