IHH maintains claim on Fortis losses, respects court decision
KUALA LUMPUR: IHH Healthcare maintains its claim that it suffered losses due to delays in obtaining the mandatory tender offer approvals required for its acquisition of Fortis Healthcare.
KUALA LUMPUR: IHH Healthcare has refused to back down from its claim that it suffered financial losses due to delays in obtaining the mandatory tender offer approvals needed for its acquisition of Fortis Healthcare. The issue stems from a disagreement between Daiichi Sankyo Co Ltd and those who are owed money by Daiichi Sankyo. IHH and its subsidiary Northern TK Venture Pte Ltd, known as NTK, were not involved in this dispute.
In a statement, IHH and NTK both acknowledged respecting the judgment from the Tokyo District Court on September 10. NTK is currently reviewing this ruling with their legal team and will explore all legal options. The group has pledged to defend its rights and interests through the proper legal avenues. IHH-NTK's purchase of Fortis in 2018 was carried out transparently, with all necessary disclosures and approvals, including those from the Competition Commission of India and SEBI.
On Thursday, the Tokyo District Court reportedly rejected all claims filed by NTK against Daiichi Sankyo. In October 2023, NTK had filed a complaint, stating that the Japanese pharmaceutical company prevented them from proceeding with open offers to acquire additional shares in the Indian hospital chain in 2018.
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