After laying off hundreds of staff, NMC Health set to sell trading unit to different parties

coastaldigest.com news network
May 27, 2020

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."

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News Network
February 1,2026

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Sunday criticised the Union Budget presented by Finance Minister Nirmala Sitharaman, claiming it offered no tangible benefit to the state.

Though he said he was yet to study the budget in detail, Shivakumar asserted that Karnataka had gained little from it. “There is no benefit for our state from the central budget. I was observing it. They have now named a programme after Mahatma Gandhi, after repealing the MGNREGA Act that was named after him,” he said.

Speaking to reporters here, the Deputy Chief Minister demanded the restoration of MGNREGA, and made it clear that the newly enacted rural employment scheme — VB-G RAM G — which proposes a 60:40 fund-sharing formula between the Centre and the states, would not be implemented in Karnataka.

“I don’t see any major share for our state in this budget,” he added.

Shivakumar, who also holds charge of Bengaluru development, said there were high expectations for the city from the Union Budget. “The Prime Minister calls Bengaluru a ‘global city’, but what has the Centre done for it?” he asked.

He also drew attention to the problems faced by sugar factories, particularly those in the cooperative sector, alleging a lack of timely decisions and support from the central government.

Noting that the Centre has the authority to fix the minimum support price (MSP) for agricultural produce, Shivakumar said the Union government must take concrete steps to protect farmers’ interests.

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News Network
February 3,2026

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Mangaluru, Feb 3: Kanachur College of Physiotherapy and Kanachur Hospital & Research Centre, in association with U.T. Fareed Foundation (R), organised the 11th Late Mrs. Naseema Fareed Memorial Lecture on Tuesday.

The programme was inaugurated by Dr. Subramanyam K, Head of the Department and Professor, Department of Cardiology, Srinivas Institute of Medical Sciences & Research Centre, Mangaluru. In his inaugural address, Dr. Subramanyam delivered an insightful talk highlighting the vital role of physiotherapy in modern medical care, particularly in cardiac rehabilitation, patient recovery, and improving overall quality of life through a multidisciplinary healthcare approach.

The presidential address was delivered by Dr. Haji U.K. Monu, Chairman, KIET. The keynote address was presented by Dr. Mohammed Ismail Hejamady, who spoke on the evolving scope and significance of physiotherapy.

The event was held in the presence of Mr. Abdul Rahiman, Director, Kanachur Institute of Medical Sciences, Mangaluru; Dr. Vaishali Sreejith, Senate Member, Rajiv Gandhi University of Health Sciences, Bengaluru; Dr. Sudhan S.G., Professor and Principal, Krupanidhi College of Physiotherapy, Bengaluru; Dr. Shanavaz Manipady, Dean, Kanachur Institute of Medical Sciences, Mangaluru; and Dr. Venkat Rai Prabhu, Member, Kanachur Health Science Advisory Council, Kanachur Hospital & Research Centre.

Dr. Mohammad Suhail, Dean, Kanachur College of Physiotherapy, welcomed the guests and delegates.

As part of the programme, a two-day free workshop was organised on the following topics:

•    Art of Practice in Cardiopulmonary Conditions by Dr. Sudhan S.G., Principal, Krupanidhi College of Physiotherapy

•    The Gift of Life – Organ Donation by Dr. Rohan Monis, Chief Administrative Medical Officer

•    Chest X-ray Interpretation by Dr. Hemanth, Department of Radiology, KIMS

•    Pulmonary Rehabilitation by Dr. Vijaya Kumar, Department of Respiratory Medicine, KIMS

Organisers noted that the memorial lecture series has been conducted continuously for the 11th year, benefiting interns and postgraduate students from various colleges across Mangaluru. A total of 130 delegates attended the workshop.

Dr. Reshma, Vice Principal, Kanachur College of Physiotherapy, Mangaluru, delivered the vote of thanks.

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News Network
February 4,2026

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An Indian resident who won the Dh20 million (approximately Rs 50 crore) jackpot in Abu Dhabi's Big Ticket draw has told of his joy at sharing his life-changing fortune with a friend.

Shanthanu Shettigar, a shop manager in Muscat, regularly buys tickets for the monthly grand prize draw with one of his closest friends – and the pair won on February 3.

Mr Shettigar, 33, who is from Udyavar in Udupi district of the southern state of Karnataka and has lived in the Omani capital for eight years, said he was left speechless after learning of his success.

“When I first moved to Muscat, many of my colleagues were purchasing Big Ticket, which encouraged me to give it a try,” he said.

“I started buying tickets on my own, and later began sharing tickets with a close friend. The ticket that brought me this win was one we purchased together.”

“Like most people, I receive a lot of spam calls, and I was fully absorbed in my work as well. I knew the live draw was taking place tonight, but I never imagined my name would be announced,” he said.

“When I realised it was real and that I had won, I was honestly speechless. It still hasn’t fully sunk in, but I’m extremely happy.”

Mr Shettigar is not sure how he will spend his share of the money, but encouraged others to take part.

“This win was completely unexpected, so I want to take some time to think things through before deciding what to do next,” he said.

“I would definitely encourage others to participate with Big Ticket, whether with family or friends – you never know when your moment might come.”

The Big Ticket was established in 1992 with an initial first prize of Dh1 million. It is one of the most popular monthly raffles in the UAE.

It has transformed the lives of many people across the Emirates and beyond.

Entry to the Big Ticket Millionaire is Dh500. Tickets can be bought online or at counters at Zayed International Airport and Al Ain Airport.

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