Star Education Institute celebrates 19th annual day

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 15: With the reporting of the death of an 80-yr-old female from Hirebagewadi taluk in Belagavi district, the number of persons, who were died due to COVID-19 related disease, increased to 12, in Karnataka on Wednesday.

According to official sources, the deceased was a relative of another COVID-19 infected person, was succumbed to death this morning at a designated Hospital in Belagavi district.

Kalaburagi, Mar 3: Former Karnataka Minister Priyank Kharge on Monday in a letter requested Karnataka Assembly Speaker Sri Vishveshvaraya Hegade Kageri that the restricted media coverage in Assembly Budget session was not the right thing and it will be danger of for healthy democracy.

The letter written by Mr. Kharge to the Karnataka Assembly speaker which available to the press said that the fourth pillar of democracy 'Media' ban from covering assembly proceedings was not a healthy move and requested to immediately withdraw the government order in this regards, he said.