Former Sebi chief Meleveetil Damodaran has reportedly been requested to pay as much as practically Rs 206 crore ($24.84 million) as damages by the Worldwide Court docket of Arbitration (ICA) within the US in a dispute involving NYSE-listed UpHealth and Glocal Healthcare Techniques. The court docket has reportedly imposed the tremendous on Damodaran for breaching a contract lawsuit. Damodaran was a shareholder in Glocal Healthcare Techniques.
Total, the court docket had imposed damages to the tune of practically Rs 920 crore ($110.2 million) in opposition to Glocal Healthcare, its promoters, key shareholders and administrators, Businessworld reported.
In its case, UpHealth has claimed that it has paid an quantity of Rs 2,100 crore in money, inventory, and debt to amass a 94.81 per cent stake in Glocal and but its promoters and administrators prevented the switch of administration management and didn’t share monetary statements of Glocal with UpHealth.
UpHealth began arbitration proceedings within the Chicago tribunal below the aegis of the Worldwide Chamber of Commerce (ICC). Earlier, when Glocal and its promoters had tried to hinder UpHealth from shifting US arbitration, UpHealth’s attorneys had instructed an Indian court docket that the arbitration proceedings and the US venue had been as per the phrases of the SPA (share buy settlement) agreed by the events in the course of the deal.
The dispute arose out of Holdings’ acquisition of Glocal pursuant to a Share Buy Settlement dated October 30, 2020, and the next breach by Respondents of their contractual obligations to relinquish management of Glocal to Holdings. On March 18, the ICA pronounced the Ultimate Award to the events. Within the Ultimate Award, the arbitral tribunal discovered the respondents answerable for breach of contract.
Damodaran is on the board of many prime Indian firms. After Paytm Funds Financial institution fiasco, the Board of One 97 Communications Ltd. introduced the formation of a Group Advisory Committee chaired by Damodaran to work with the Board in additional strengthening compliance and regulatory issues.
As per Bloomberg’s firm profile, Glocal Healthcare Techniques Personal Restricted operates as a hospital in Kolkata. The Hospital presents cardiology, orthopedics, opthalmology, gynecology and obstetrics, out-patient, nursing, and ache administration providers. Glocal Healthcare Techniques serves prospects in India.
Based on Bloomberg, UpHealth supplies well being care providers. The corporate presents patient-centric digital well being platform and tech-enabled providers to handle well being and combine care. UpHealth serves sufferers worldwide.
