Latest news with #NTK
Time of India
5 days ago
- Business
- Time of India
Daiichi comments continue to damage interests: IHH Unit
Singapore-based Northern TK Venture (NTK), an indirect subsidiary of Malaysia's IHH Healthcare , on Thursday said Japanese drug maker Daiichi Sankyo's latest release contained "misleading statements" that continued to damage its interests. It comes after IHH Healthcare on May 20 said it had escalated its legal claim against Daiichi Sankyo tenfold to about ₹11,800 crore for allegedly blocking its 2018 open offer for control of Indian hospital operator Fortis Healthcare . Daiichi Sankyo, however, said NTK's claims of interfering with its open offer were "without any merit or substance" and were "not sustainable". "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," NTK said on Thursday, reiterating that Daiichi Sankyo had caused "significant losses" by preventing it from proceeding with the open offer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 인터넷 1만원대 갈아타고 기본 48만원 최대 120만원 받으세요 인터넷가입센터 더 알아보기 Undo NTK said it will also seek an injunction to prevent Daiichi Sankyo from making defamatory remarks and specific actions to vindicate its reputation. The next date of hearing before the Tokyo district court is July 11. Live Events Daiichi Sankyo said in a statement, "NTK's 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." NTK had acquired a 31.17% stake in Fortis Healthcare in November 2018, triggering a mandatory open offer to the latter's public shareholders . However it was blocked after Daiichi Sankyo filed a contempt plea against the founders of Fortis Healthcare, resulting in the halt of acquisition. On Thursday, the company announced on the stock exchanges in Malaysia and Singapore that it had filed an application with the Tokyo district court to amend its ongoing claim for damages against Daiichi Sankyo Company, Limited (headquartered in Chuo-ku, Tokyo). As a result, the revised damages sought by NTK have increased to 200 billion Japanese yen from the initial amount of 20 billion Japanese yen, it said in a statement.
Time of India
6 days ago
- Business
- Time of India
Fortis Open Offer: Daiichi Sankyo's 'misleading' statements continue to damage interests, says NTK
IHH Healthcare '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.
Time of India
6 days ago
- Politics
- Time of India
All except DMK and Congress are in touch with me… both Dravidian parties are enemies of our ethnicity: NTK Chief Seeman
In an interview, says he was invited to align with parties every election but chose an independent path. He also says should decide on joining hands with him. "When ideology takes the lead, there is nothing wrong with cinema coming into it." Excerpts: The Election Commission of India recently recognised NTK as a state party and assigned it a symbol. Tired of too many ads? go ad free now Recognition for our efforts was overdue. It's a long journey driven by the dreams of our ancestors, fuelled by persistence. I spoke with my leader (late LTTE Chief Velupillai Prabhakaran) about the journey, and its true purpose emerged only after the war. If I am standing alone, it is because I am a person who has a principle that permanent victory should not be lost for temporary defeats; permanent defeat should not be accepted for temporary victories. NTK is one of the few parties to receive recognition without cash for votes or in an alliance. Prior to this, it was Vijayakanth, and the reason for that was he was a famous actor. Getting 36 lakh votes is encouraging for NTK. What's your strategy for the 2026 assembly election? Given the lack of financial strength, the only way to win is hard work. NTK has been discussing issues related to language and natural resources for 15 years. The party's candidate selection includes a mix of demographics: Our 234 candidates will be the best; 117 women and 117 men, including 134 youths. Our strategy is to telecast our plan for governance. There is corruption, bribery, cash for votes, mis-governance, looting of resources, hooch tragedies, sexual offences, and illegal mining of resources. Why contest alone after repeated electoral defeats? Why should I float my own party if the plan is to simply align with the established ones? I could have been in the . Tired of too many ads? go ad free now It negates the idea of being an alternative. I must carry my dream on my shoulders. If I leave it and trust you to go to Tirupathur, what will I do if you go to Tirupati? I aspire for increased job opportunities, environmental protection, and corruption eradication through a self-dependent economy. We sow the seeds. If we cannot harvest them, let another generation come and harvest them. Your recent birthday wishes to AIADMK General Secretary Edappadi K Palaniswami have sparked speculation about you softening your stance towards the party. DMK, AIADMK, BJP, and are considered equal adversaries of NTK. Both Dravidian parties are enemies of our ethnicity. The flag colours of the two parties might be different, but their policies and practices of liquor, bribery, corruption, and cash for votes remain. When it comes to BJP and Congress, one will demolish a mosque, and the other will allow it. One party will lay the foundation for a temple, and the other will extend wishes. Did AIADMK approach you before reaching out to Vijay to explore an alliance? These attempts began when former chief minister J Jayalalithaa was alive. She extended an invitation in 2016. Barring DMK and Congress, all parties are in touch with me. They call me every election, though I tell them I don't want to be bothered. There were reports that you were working to unite the AIADMK groups. I discussed the split when V K Sasikala came out of jail. She said Palaniswami did not agree to the unification. Palaniswami's decision to align with BJP is not universally supported within AIADMK. An alliance with BJP will be beneficial in deciding who should rule India. What is the benefit in determining who should rule Tamil Nadu? BJP state president Nainar Nagenthran has spoken about the party being keen on aligning. Everyone before him talked to us. I cannot align with national or Dravidian parties. National parties will destroy the language and prioritise religion over humanity. There is a lack of differentiation between the policies of Congress and BJP, be it external affairs, security, or economy. Examples are NEET and GST. I met everyone and refused to align with them. Your shift from admiring Periyar to criticising him is viewed by some as aligning with BJP's stance against Dravidian politics. Do the views align because both of us speak Tamil and worship the same God, Murugan? They believe Periyar's ideology is against religion, while I view him as an "enemy of our own race". He spoke disparagingly of my mother tongue, saying it's a barbaric language. Tamil is the oldest language, and several languages were born out of Tamil. Opponents credit Tamil Nadu's accomplishments to the Dravidian movement's social justice principles. What does social justice have to do with them? Why are we seeking a caste-wise census? TN has significant resources, which Nobel laureate Amartya Sen noted could position it as a major economic force. Still, our mothers are left to ask for `1,000. Vijay's approach combines Dravidam and Tamil nationalism, while NTK has an anti-Dravidam stance. He does not know how Dravidam and Tamil nationalism cannot become one. Tamil nationalism arose to combat the negative aspects of Dravidam. His understanding is incomplete. Is Vijay a threat to NTK? I don't see him as one. TN faces a dangerous phenomenon of 'screen charm', which is not as prevalent in other states. People are focused on entertainment and fun, hindering readiness for societal change. The state has been dealing with this for four decades from the days of M G Ramachandran. There will be consequences if it continues to overshadow good politics, leadership, and commitment to people. You earlier said you may team up with Vijay. What happened? He should be the one to decide. When ideology takes the lead, there is nothing wrong with "cinema" coming into it. If someone who carries an ideology turns around and surrenders to "cinema," it won't work out. He accepts Periyar as a guiding force while we see Periyar as a historical enemy of our race. That is why it is difficult to join hands. Has BJP approached Vijay? I am told they have. Wouldn't the two of you make a powerful combo? Vijay can join me if he thinks my policies are beneficial. I don't need an alliance. I have announced candidates for more than 100 constituencies, and work is on for another 70 seats. Is there a chance of seeing NTK, TVK, and AIADMK joining hands closer to the election? We cannot join hands with any party. Will others listen to me if I reflect on the words of our leader, Prabhakaran? I will put up a picture of the leader and have a tiger flag; will they align with me? My ideology differs from others. I see confusion in the guidance given to Vijay. He should consider altering the underlying ideology or the person crafting it. Isn't going against every party a disadvantage? Anura Kumara Dissanayake got only 3% of the votes initially, but now governs Sri Lanka with 53%. The BJP's victory in Tripura saw its vote share jump from 2% to 44%. My vote share increased from 1% to 5% and then to 8%. If former BJP President K Annamalai had not formed an alliance, I would have gained an additional 5%-6% of votes. Wouldn't a split in anti-DMK votes benefit the DMK alliance? People vote for me because they believe it will benefit the state and people. I want to change the fundamental structure of politics, not displace DMK and install AIADMK, or the reverse. Will anti-corruption be an important plank in 2026? Corruption will cease if someone honest like me assumes office. Can DMK, AIADMK, BJP, or Congress genuinely address corruption? The BJP received most of its funding through electoral bonds. Do DMK and AIADMK have the moral high ground to discuss the issue? How do you view Prime Minister Narendra Modi's leadership? BJP has been in power for 12 years. What are the significant developments during this period? The Clean India initiative and promise to provide two crore jobs a year are empty statements. We waged a war, but why should we justify our actions to other countries? Former Prime Minister Indira Gandhi, while in the USA, said one country shouldn't dictate another's defence policies. That is an example of leadership.
Time of India
25-05-2025
- Politics
- Time of India
N Chennai residents form human chain to protest WTE project
Chennai: Residents of North Chennai, joined by local councillors, formed a human chain at Kodungaiyur on Sunday, urging the govt to scrap the proposed Waste-to-Energy (WTE) project at Kodungaiyur dumping ground. Tired of too many ads? go ad free now They demanded that the reclaimed 352acres of landfill be converted into a park, playground, or college to benefit the community. Support for the campaign grew stronger with political parties such as AIADMK and Naam Tamilar Katchi (NTK) backing the protest. AIADMK leader Edappadi K Palaniswami said residents were already struggling with health issues such as respiratory and skin problems and announced a protest at Kodungaiyur on June 2. NTK leader Seeman called the project an "environmental disaster" aimed at working-class neighbourhoods, warning it would release toxic gases and worsen pollution levels. Hundreds participated in Sunday's protest, raising concerns over the project's impact on public health and the environment in North Chennai. The human chain stretched nearly four kilometres — from Ezhil Nagar at Kodungaiyur to Ambedkar College at Vyasarpadi. "Despite repeated objections, steps are being taken to install the incinerator. We visited the WTE plant in Hyderabad and saw firsthand how residents there are suffering from health problems. We fear a similar outcome here," said T K Shanmugam, president of the Federation of North Chennai Residents' Welfare Associations. Congress councillor J Dilli Babu (ward 37) said residents near the dumpyard have suffered for more than four decades. "The civic body claims the plant will be built with safety measures, but there's no assurance of complete safety for residents. We urge GCC to shift the WTE plant to the outskirts," he added.
Time of India
21-05-2025
- Business
- Time of India
IHH Group seeks damages of Rs 11,800 crore from Daiichi
New Delhi: Malaysia's IHH Healthcare is seeking JPY 200 billion (Rs 11,800 crore) in damages from Japan's Daiichi Sankyo for blocking its bid for control of Indian hospital operator Fortis. IHH's Singapore-based indirect subsidiary Northern TK Ventures (NTK) has approached the Tokyo District Court seeking to amend its ongoing damages against Daiichi Sankyo, increasing the claim by almost tenfold to JYP 200 billion (about Rs 11,800 crore or USD 1.38 billion) from previous JYP 20 billion. NTK had in October 2023 filed a claim alleging that the Japanese drugmaker caused losses to the company by preventing it from proceeding with open offers to buy a stake in the Indian hospital chain in 2018, it said in a media advisory. "In the petition to increase claim, NTK has sought, amongst others, to amend the amount of the damages claimed from the initial amount of JPY 20 billion to Rs 10,930 crore for losses arising from NTK's tortious claim (other than defamation) against Daiichi Sankyo; JPY 5 million for losses arising from NTK's defamation claim against Daiichi Sankyo; and the accrued interest on the damages claimed," IHH said. The 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 Ltd. IHH, Asia's largest healthcare operator, had bought a 31 per cent interest in the Indian firm through NTK, but later paused its open offer to buy an additional 26 per cent after the Japanese company filed a contempt plea against Fortis' founders. 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.>
