Karnataka to decide on city corporation election soon

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."

Mangaluru, Mar 16: As a precaution against the spread of Covid-19, the Karnataka State Road Transport Corporation (KSRTC) on Monday decided to cut down its premium, non-AC sleeper, Rajahamsa and express bus services from Mangaluru to Bengaluru and Kasaragod following poor patronage.

The cut down in services is as per the direction of KSRTC's Central office that wants bus services to be operated on priority.

KSRTC Mangaluru Divisional Controller S N Arun said that the corporation has decided to cut down 40 trips to Bengaluru. Concerning Kasaragod, it has reduced the number of trips from 40 to 35. "These include a reduction in services to Mysuru and Dharmasthala also," he added.

Bengaluru, Apr 20: Karnataka Chief Minister BS Yediyurappa on Monday held a meeting with State Home Minister Basavaraj Bommai and police officers over the Padarayanapura incident that occurred on Sunday.

A ruckus erupted in Padarayanapura on Sunday allegedly over shifting of suspected COVID-19 persons to quarantine facility by the Bruhat Bengaluru Mahanagara Palike (BBMP) officials.

"I met the Chief Minsiter and briefed him. CM has told us to act strictly. I have told the same to my officials. We won't tolerate such acts by anyone. We have arrested 59 people and five FIRs have been registered. I'm going to Padarayanapura now. Will make sure others are quarantined," said Bommai earlier today after meeting the Chief Minister.

Meanwhile, reacting on the incident, former Karnataka Chief Minister and Janata Dal-Secular leader HD Kumaraswamy said that the people responsible must be dealt with proper action.

"These kinds of incidents are not acceptable, its an act of shame. Doesn't matter which community one belongs to, each and every one must follow the guidelines and law. Whoever is indulged in such act must be punished," he said.
In a series of tweet Kumaraswamy said that it was not at all needed to attack the police check post and this act is unacceptable.

The incident occurred in the late evening on Sunday at Padarayanapura which is recognized as a 'Red Zone' when BBMP officials went to bring 15 secondary contacts of corona positive patients.

However, some people and youth created ruckus and broke the barricades and removed police post which was stalled in the area.
Soon after receiving the information, Bengaluru South Deputy Commissioner of Police reached the spot and brought the situation under control.
"Lockdown continues, please remain indoors.

Tomorrow will be as it was till today. We Understand your situation and appreciate your cooperation," tweeted Commissioner of Police, Bengaluru City, Bhaskar Rao.

In Karnataka, 390 people have been diagnosed with Covid-19, of which 16 people have succumbed to the infection, as per the Union Health Ministry.