Mangaluru Udyoga Mela for unemployed youth on Nov 19, 20

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."

Riyadh, July 6: The government of Saudi Arabia has announced health protocols to prevent the spread of the new coronavirus in the 2020 Hajj season, banning gatherings and meetings between pilgrims.

Saudi Arabia decided in June to limit the number of domestic pilgrims attending the Hajj to around 1,000 to prevent the spread of the coronavirus, after barring pilgrims abroad from the rite for the first year in modern times.

Touching the Kaaba, the holiest site in Islam, will be banned during the Hajj this year, and a social distancing space of a meter and a half between each pilgrim during the rituals including mass prayers and while in the Kaaba circling area will be imposed, a statement by the Center for Disease Prevention and Control (CDC) elaborated.

Also, access to holy Hajj sites at Mina, Muzdalifah and Arafat will be limited to those with Hajj permits starting Sunday July 19 till Aug. 2 2020, and wearing masks all the time will be mandatory for both pilgrims and organisers.

Bengaluru, Apr 14: Karnataka Chief Minister BS Yediyurappa on Tuesday welcomed Prime Minister Narendra Modi's decision to extend COVID-19 lockdown till May 3.

"Our government will strictly implement the Government of India guidelines, which will be issued tomorrow. Lockdown will be followed more stringently till April 20 as Prime Minister said and the situation will be closely monitored. I appeal to the people of Karnataka to voluntarily cooperate with us to contain this disease," Yediyurappa said.

The chief minister urged the people to respect seven major points that Prime Minister Modi raised in his televised address to the nation on Tuesday, while announcing the extension of coronavirus-induced lockdown.

"I appeal to people to follow the seven measures Prime Minister advised to follow, such as taking care of elders in the house especially those suffering from chronicle illness; strictly maintaining social distancing; enhancing immunity by following guidelines of Ayush Department; download Arogyasetu app; help the poor and needy; to be considerate about your colleagues and employees and not to sack them; and respect the police, healthcare professionals," Yediyurappa added.

The chief minister also assured that there is no scarcity of medicines, essential services and goods.

"We will make all efforts to carry out agriculture activities without any hurdle. I make a special appeal to migrant labours to stay wherever they are and be safe... Stay home and be safe," he said.

According to the Union Ministry of Health and Family Welfare, there are 247 COVID-19 positive cases in Karnataka including 59 cured, discharged, migrated and six deaths.