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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."

Bengaluru, May 22: Karnataka Congress delegation met Chief Election Commissioner, Dr B Basavaraju in Bengaluru, urging him to guide Karnataka Government to conduct local body elections and not to allow State government to nominate their party men to the local bodies.

The delegation was led by Congress leader Siddaramaiah and Karnataka Pradesh Congress Committee (KPCC) president D K Shivakumar.

"They (State government) wants to postpone the election, they have a lot of other provisions. We are demanding to protect the law, the government doesn't have the power to interfere in the system. We will not allow the state government to nominate their party men.

The CM and his entire team is responsible for this, they are killing the democracy and Panchayati Raj system of the State," said Shivakumar while speaking to the reporters.

The local body elections were scheduled to take place in the month of March or April, which were postponed in view of the COVID-19 crisis.

However, the date for conducting the local body elections has not been decided yet.

Mangaluru, Jan 29: The Indian Coast Guard today commissioned a high-speed coast interceptor boat at New Mangalore Port here giving a fillip to the coastal security.

The water jet propelled Interceptor Boat C-448 (27.80 mts in length) has an endurance of 500 nautical miles at 20 knots.

The vessel fitted with latest state of the art navigation and communication equipment can achieve a speed of 45 knots. Thus, the vessel is designed for high speed interception, close coast patrol, low intensity maritime operations, maritime surveillance, search and rescue.

The quick reaction capability coupled with modern equipment and system ensures that the vessel responds to any maritime situation. With a crew of 12 personnel, C-448 is Commanded by Assistant Commandant Apoorva Sharma.

The Interceptor Boat will be based at Mangaluru. T. M. Vijaya Bhasker, Chief Secretary Karnataka, who commissioned the IB, said that the crew should discharge their duties faithfully and with courage. Anand Prakash Badola, Commander, Coast Guard Region ( West) and A.V. Ramana, Chairman, New Mangalore Port Trust, were present on the occasion.