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."
The suspects have been identified as Dhanush and Sharath, both aged around 25 years and residents of Mudipu village. Two sharp weapons have also been recovered from them. It is alleged that they have links with a saffron outfits.
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Hope and trust, Police dept will pull out their god father in from of public with impose punishment by sending them behind bar for at least 5yrs period - with out waiting for any source of innocent public's protest.
Please publish their photogrpahs in all available new paper and electronic media first.
Show their faces pls.
Good job Mangalore Police! Keep it up guys!
This youths are paid goondas. Who gave them bike ? who gave them money? who gave them weapons ? who is the real BOSS behind these activities. I am sorry to say that the DK police who knows very well but can't disclose them because of the pressure from the political giants. Everyone knows that Sangha Pariwar's Big bosses are having close relationship with the present governments MLA's , Ministers in DK ( behind the curtain )
Shoot them in the middle of the road...
I request with police dept to find out the real mastermind of this attack and also punish this sanghi terrorists. Kachra nan maklu nimm janmakke thu thu.. Please ban RSS,BD,RS,ABVP and other all kachra sangi organisations.
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