Former Sebi chief Meleveetil Damodaran has reportedly been requested to pay as much as almost Rs 206 crore ($24.84 million) as damages by the Worldwide Courtroom of Arbitration (ICA) within the US in a dispute involving NYSE-listed UpHealth and Glocal Healthcare Techniques. The courtroom has reportedly imposed the wonderful on Damodaran for breaching a contract lawsuit. Damodaran was a shareholder in Glocal Healthcare Techniques.
Total, the courtroom had imposed damages to the tune of almost 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 impede UpHealth from shifting US arbitration, UpHealth’s legal professionals had informed an Indian courtroom that the arbitration proceedings and the US venue have been as per the phrases of the SPA (share buy settlement) agreed by the events throughout 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 Remaining Award to the events. Within the Remaining Award, the arbitral tribunal discovered the respondents answerable for breach of contract.
Damodaran is on the board of many high 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 clients in India.
In response to Bloomberg, UpHealth gives 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.