Puttur girl Anusha N bags 'IRIS -2018 Grand Award’; to participate in USA science fair

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, May 27: Former Karnataka chief minister and JD-S leader HD Kumaraswamy on Wednesday said that the state government should withdraw the decision to name the Yelahanka bridge after Hindutva ideologue Vinayak Damodar Savarkar.

"The state government's decision to name the Yelahanka bridge after Savarkar is a disgrace to those who have struggled for the country's prosperity. This doesn't give a good name to the state government," Kumaraswamy tweeted.

"There are many great people who worked for the development of the country before and after independence. Their names could have been used for this bridge. Do other states name their bridges after our leaders? On behalf of the people of the state, I urge the state government to take a step back from this decision," he added.

The newly built Yelahanka bridge was named after Savarkar last year in a BBMP council meeting. Later it was sent to state government for approval. Tomorrow, the bridge is likely to be inaugurated for public use.

Bengaluru, Jul 19: A man protested in front of Karnataka Chief Minister BS Yediyurappa's residence on Saturday alleging lack of medical care claimed the life of his one-month-old infant girl, police said on Saturday.

Venkatesh sat with the baby's photograph in front of the Chief Minister's house, saying the girl developed health issues on July 11 and he rushed her to a hospital, but it turned him away, the police said.

He said he had approached about a dozen hospitals and all of them refused to provide the baby any medical care. Eventually, the baby died.

This forced Venkatesh to hold a protest to draw the Chief Minister's attention to the issue, the police said.

The demonstration drew public attention and a few people joined him in the protest, they said.