Fortis Open Offer: Daiichi Sankyo's 'misleading' statements continue to damage interests, says NTK
's Singapore-headquartered indirect subsidiary Northern TK Venture Pte Ltd (NTK) on Thursday said Daiichi Sankyo's "misleading statements" concerning the
Fortis Healthcare open offer
continue to damage NTK's interests.
Earlier this month, NTK had applied with the
Tokyo District Court
to amend its ongoing damages claim against Daiichi Sankyo, increasing it by almost tenfold to JPY 200 billion (approximately Rs 11,800 crore or USD 1.38 billion). The damages claim relates to IHH's open offer for
Fortis Healthcare Ltd
and Daiichi's actions that have obstructed its completion.
Following this, Daiichi claimed in a statement on May 22 that the suspension of the public tender offer for Fortis Healthcare was under the instructions of the Supreme Court of India during enforcement procedures based on an arbitration ruling. Daiichi had said that NTK's claims that it interfered with the latter's open offer are without any merit, and are not sustainable.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Moose Approaches Girl At Bus Stop In Gabes - Watch What Happens
Happy in Shape
Undo
"Since the case is pending at the Tokyo District Court, NTK will refrain from correcting inaccuracies in the statement, but NTK will continue to present the correct facts and pursue its claims before the Tokyo District Court to obtain reliefs, including recovery of damages from Daiichi Sankyo," IHH said in a media advisory on Thursday.
NTK reiterated its earlier statement that its claims against Daiichi Sankyo are tort claims premised on Daiichi Sankyo's unlawful interference with NTK's trade or business, conspiracy of Daiichi Sankyo and other persons, malicious falsehood, and defamation, each under the applicable substantive laws.
Live Events
"This lawsuit pertains to NTK's claim at the Tokyo District Court for damages, among others, arising from alleged obstruction by Daiichi Sankyo of NTK's efforts to complete its open offers to acquire shares in Fortis Healthcare Limited and its step-down subsidiary, Fortis Malar Hospitals Limited," NTK had said in a media advisory earlier.
According to NTK, while IHH was declared the successful bidder in a bid process run by FHL, it received preferential allotment of shares by FHL, triggering an Open Offer. While NTK attempted to execute the Open Offer, Daiichi Sankyo unfairly obstructed the execution of the Open Offer and prevented the completion of the acquisition, resulting in significant losses to NTK.
As per NTK, Daiichi Sankyo obtained an ex parte interim status quo order from the Supreme Court of India without notifying IHH and NTK that it was seeking such an order against them. NTK said in its media advisory that the open offer for FHL could not progress due to Daiichi's actions.
Daiichi Sankyo has been in dispute with the erstwhile promoters of Ranbaxy Limited (Malvinder Singh and Shivinder Singh) for recovering money from the damage caused by the acquisition of Ranbaxy Laboratories. While Daiichi Sankyo has instituted proceedings in the Delhi High Court and the Supreme Court against the Singh Brothers, IHH and NTK have stated that they have no connection with the duo. As per NTK, Daiichi Sankyo has speculated that the Singh Brothers were somehow connected to IHH.
IHH has transformed Fortis into India's leading healthcare company with a network of 28 hospitals and 400 labs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
7 minutes ago
- Economic Times
Ladli Behna Yojana beneficiaries to get Rs 250 on Aug 7 as 'Raksha Bandhan' gift: MP CM Mohan Yadav
Madhya Pradesh Chief Minister Mohan Yadav on Sunday said 1.27 crore beneficiaries of the Ladli Behna Yojana will get Rs 250 in their bank accounts on August 7 as a Raksha Bandhan gift, which he described as a "small token of love from a brother".This amount is over and above the Rs 1250 beneficiaries of the state's flagship scheme get every month, he added while addressing a Raksha Bandhan celebration organised by women working at 'Best Lifestyle' company here. "Every woman of the state is my sister. It is my pride and my honour. The Madhya Pradesh government is fully committed to ensuring that no sister faces hardship," Yadav asserted.'Best Lifestyle' currently employed 1500 women, and this number would soon go up to 4000, he said, adding that a new site had been allotted to the company, which will also have residential facilities for Syntex, another prominent firm in the region, employs 7000 women, all of whom are skilled workers producing high-quality garments that are exported to the United States of America, the CM said. Informing that the firm had exported 11 lakh units and aims to reach 20 lakh units soon, Yadav said, "I bow to the hardworking sisters who are the backbone of this progress. For me, my sisters are everything." Employment in textile mills in Ujjain have gone up from 5000 earlier to 20000 now, and the figure continues to grow, he pointed out."Industries are coming to Ujjain. Investors are showing interest in Madhya Pradesh. This is creating jobs, which is a matter of pride for our state, both nationally and internationally," he MP government is providing Rs 5,000 to the women working in the company, under various state-run schemes, and more welfare initiatives are in the pipeline, Yadav Ladli Behna Yojana was launched on June 10, 2023 from Jabalpur by the previous Shivraj Singh Chouhan government. It is seen as one of the primary reasons for the BJP's emphatic win in the 2023 assembly polls. According to offficials, of the Rs 27,147 crore special budget earmarked for women, a sum of Rs 18,699 crore is for the Ladli Behna Yojana.
Indian Express
7 minutes ago
- Indian Express
British man dies after falling ill before Rs 1.73 lakh hair transplant procedure in Turkey
A British man died in Turkey after falling ill at a hair transplant clinic in Istanbul. Martyn Latchman, 38, from Milton Keynes, became unwell during the preparation stage of the procedure at Dr Cinik clinic and died later the same day, the clinic said. Turkish police have launched an investigation, as reported by The Guardian. Latchman had previously worked as a teacher for 16 years and had recently taken up a job as a defence contractor. His family said he had travelled to Turkey for a second hair transplant, costing around £1,500 (Rs 1.73 lakh). He had earlier undergone a similar procedure at the same clinic last summer. In a statement quoted by The Guardian, the clinic said: 'Prior to the second operation, all necessary medical evaluations and tests (including blood work, chest X-ray, ECG, etc) were carried out thoroughly and without omission, just as they were during the first procedure.' It added, 'These assessments were conducted under the supervision of an anaesthesiologist, and the patient was cleared for surgery. 'However, before the hair transplant procedure began and during the preparatory phase, the patient unexpectedly became unwell for reasons that are still unknown.' The clinic said emergency medical care was provided immediately, and Latchman was moved to a nearby university hospital for treatment. 'Despite ongoing intensive care treatment throughout the day, the patient sadly passed away later that evening,' the statement added. Dr Cinik clinic also said reports that Latchman died during the procedure or that the operation had to be stopped were incorrect. 'The incident occurred before the hair transplant procedure had begun,' it said. Latchman's body has been returned to the UK. A spokesperson for the Foreign Office said: 'We are supporting the family of a British man who died in Turkey and are in contact with the local authorities.' Latchman, originally from Bridgend in south Wales, had worked as assistant headteacher and head of computer science at Goldington Academy in Bedford until last year, according to his LinkedIn profile. His friends and relatives shared tributes on social media. Yashley Latchman posted a photo with the caption: 'Rest in peace, my brother.' He wrote: 'You will forever be my source of inspiration and motivation. Thanks for everything. Will miss u loads.' Dr Cinik clinic said it had carried out more than 70,000 hair transplant procedures. It is known for having international footballers as past clients, including Rio Ferdinand, Ivan Rakitić, Djibril Cissé and Rivaldo. The clinic said all medical records related to Latchman's case had been shared with the authorities. 'Due to the ongoing legal process and out of respect for the family's privacy, no further details will be disclosed at this time,' it said.
Economic Times
7 minutes ago
- Economic Times
CM Mann says 200 more Aam Aadmi Clinics to be opened across Punjab
Chandigarh, Punjab Chief Minister Bhagwant Mann on Sunday said his government will open 200 new Aam Aadmi Clinics in the state, taking the total number of such healthcare centres to 1,081. Earlier, Mann launched a WhatsApp chatbot for the clinics. "It is a historic day in the healthcare sector of Punjab as a total of 881 Aam Aadmi Clinics across the state have been connected to a WhatsApp chatbot," said clinics cater to nearly 70,000 patients daily, and in today's digital age, the chatbot will be most beneficial for patients, said said the initiative is expected to bring revolutionary changes in healthcare services as approximately 90 per cent of Punjabis own a smartphone, and they can now be directly reached through WhatsApp. "Patients will receive complete health-related information via WhatsApp, and doctors' prescription slips will be accessible through the chatbot," said test reports will also be shared, and patients will receive reminders about their next consultation dates from the doctor, he WhatsApp updates will be provided on care for elderly people with diabetes or blood pressure, pregnant women, and newborns, Mann said, adding that it will eliminate the need for patients to physically store prescriptions or medications, as they can access the information anytime on the messaging importantly, Mann said patients can instantly share their reports with family members or consult another doctor through chief minister said the health department will also maintain a digital database of patients, their ailments, and treatments."Punjab will soon be launching 200 more Aam Aadmi Clinics to ensure quality healthcare services for all," he said, adding that the state government is committed to providing free medical treatment to every citizen. Punjab is also the first state in the country to implement the 'Mukhya Mantri Sehat Yojana', which provides medical treatment of up to Rs 10 lakh per family, he further said. Targeting the previous governments, Mann said in the poll manifestos, there was no mention of the health sector, due to which people were left to fend for said the situation had deteriorated to the point where patients suffering from serious illnesses in villages did not even want to seek treatment because the high cost made them hesitant to push their families into is the duty of governments to provide quality health services free of cost, and they are fulfilling this responsibility with dedication, said that the Punjab government is making significant efforts to turn the state into a medical hub, he informed that approval has been given for the establishment of four new medical colleges in Kapurthala, Hoshiarpur, Sangrur, and claimed that due to several "pro-people' decisions, the people's trust in government institutions is children have shifted from private schools to the 'Schools of Eminence', he said, adding that this year, 208 students from government schools have cleared the prestigious JEE Advanced exam, and over 800 students have successfully passed the NEET the Road Safety Force (RSF) a life-saving force, Mann said hundreds of lives have been saved since its said when he was a member of Parliament, data indicated that more than 5,000 lives were lost annually in road accidents in Punjab. The formation of the RSF has led to a 48 per cent reduction in such deaths, setting an example for other states as well, he said, adding that the force consists of specially recruited and trained personnel, including women, and is equipped with 144 modern vehicles.
