Modi T-shirts seized from shop in Puttur

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, Apr 12: A 70-year-old woman who tested positive for COVID-19 got discharged from a hospital here on Sunday after she recovered from the novel coronavirus, said Dakshina Kannada Deputy Commissioner, Sindu B Rupesh.

Seven other patients have also recovered and discharged in Dakshina Kannada till date. Total number of active cases in the district has decreased to 5 now.

As many as 232 COVID-19 positive cases have been reported in Karnataka till date.

The total number of coronavirus cases in India on Sunday climbed to 8447, including 764 cured and discharged, 1 migrated and 273 deaths, said the Ministry of Health and Family Welfare.

Hubballi, Jan 29: Thousands of people took part in a protest march against the Citizenship (Amendment) Act (CAA) causing traffic snarl in the city on Tuesday.

Various Dalit organisations had taken part in protest organised under the aegis of the 'Samvidana Samrakshana Samiti'.

KPCC members including MLA Prasad Abbayya, former Minister A.M. Hindasageri and office-bearers also joined the protest.

They congregated first at B.R. Ambedkar Statue near the Head Post Office in Hubballi. Holding flags and banners, the protesters marched from Ambedkar statue to mini Vidhana Soudha covering Lamington Road, Sangolli Rayanna Statue and Kittur Chennamma Circle.

Mr. Abbayya said that despite opposition from various minority communities and progressive organisations, the Union government had not changed its stand. The opposition would continue till the new law was repealed, he said.

He termed the CAA as a draconian law that meted out injustice to not only Muslims but also to Hindus. “Giving citizenship based on documents is highly condemnable. At a time when the country is undergoing an economic slowdown, it is highly condemnable that thousands of crores are being spent to enact the law. The Union government should immediately abolish the new law,” he said.

They submitted a memorandum to the Hubballi tahsildar that was addressed to the President, seeking abolition of the new law. In view of the march, the police had diverted traffic and had made elaborate bandobast.