Litigation Showdown: IHH Healthcare vs Daiichi Sankyo in Billion-Dollar Claim

IHH Healthcare's Singaporean subsidiary, Northern TK Venture, has raised its damage claim against Japan's Daiichi Sankyo in a Tokyo court to JPY 199.8 billion amid a legal battle over a stalled open offer involving Fortis Healthcare. The case hinges on allegations of obstruction and financial damages.

In a high-stakes legal battle, Malaysia's IHH Healthcare Berhad has announced that its Singaporean arm, Northern TK Venture Pte Ltd, has significantly increased its damage claim against Japan's Daiichi Sankyo Company. The claim now stands at JPY 199.8 billion, approximately Rs 10,930 crore, in an ongoing Tokyo District Court case.

The escalation stems from allegations that Daiichi Sankyo obstructed NTK's tender offer for Fortis Healthcare Ltd and its subsidiary, Fortis Malar Hospitals Ltd. An expert report by Osborne Partners has backed NTK's revised compensation range, citing discrepancies based on varying parameters.

This legal tug-of-war traces back to a complex 2018 acquisition deal and an ensuing freeze from India's Supreme Court. NTK is prepared to adjust its claims further while monitoring court developments. This case holds significant ramifications for all parties involved.

(With inputs from agencies.)