IHH Healthcare unit raises damages sought from Daiichi Sankyo to RM5.7bil
This marks a tenfold jump from its initial claim of JPY20 billion (RM634 million), the group said in a statement today.
In a filing with the Tokyo District Court, NTK applied to amend its ongoing lawsuit, citing a more comprehensive quantification of damages based on expert analysis.
The revised claim includes compensation for defamation and reputational harm, and is backed by a report prepared by Osborne Partners, an independent expert appointed by NTK.
The lawsuit stems from NTK's claim that Daiichi Sankyo obstructed its attempts to complete an open offer to acquire shares in India-based Fortis Healthcare Ltd (FHL) and its step-down subsidiary, Fortis Malar Hospitals Ltd.
NTK said that Daiichi Sankyo's interference caused significant financial losses by preventing the completion of the acquisition and freezing NTK's non-interest-bearing deposit of about JPY60.2 billion, which had been set aside to fund the open offer.
"The revised claim now reflects damages under three counterfactual scenarios in which the open offer was completed as scheduled, in the absence of interference from Daiichi Sankyo.
"The estimated damages range from INR4.24 billion (RM200 million) to INR109.3 billion (RM5.7 billion), depending on the scenario.
The legal dispute dates back to 2018, when NTK was executing a mandatory open offer after acquiring a 31.1 per cent stake in FHL.
NTK alleges that Daiichi Sankyo obtained an interim status quo order from India's Supreme Court without notice, halting the offer.
Though the court later lifted the order, the open offer could not proceed due to continuing legal threats from Daiichi Sankyo.
IHH and NTK maintain that they have no links to the Singh brothers, against whom Daiichi Sankyo has been pursuing separate legal action related to the Ranbaxy acquisition.
NTK said it reserves the right to further revise the damages claimed, noting that the alleged interference by Daiichi Sankyo is ongoing.
The next hearing in the Tokyo District Court's preparatory proceedings, which are closed to the public, is scheduled for July 11.
NTK is the investment vehicle through which IHH holds its interest in FHL and the group considers India a core market alongside Malaysia, Singapore and Türkiye.
IHH said it remains committed to expanding its healthcare footprint in India and hopes the legal issues will be resolved swiftly so that it can continue serving the local community.
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