Latest news with #TokyoDistrictCourt
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.
Japan Today
6 days ago
- Business
- Japan Today
High court orders Tokyo gov't, state to compensate 3 for illicit company probe
A Japanese high court on Wednesday ordered the Tokyo metropolitan government and the state to compensate a company president and others for an unlawful investigation into the alleged unauthorized export of goods capable of producing biological weapons. The Tokyo High Court ruled the investigation on Masaaki Okawara, 76, president of machinery maker Ohkawara Kakohki Co, and two other men was illegal. The court ordered the state and Tokyo to pay about 166 million yen in compensation, up about 4 million yen from the amount awarded by the lower court. A Tokyo police investigator testified at the lower court that the case was "fabricated," and a former investigator told the high court that people with discretion built the case "out of greed." The plaintiffs had appealed the Tokyo District Court ruling that awarded the compensation to Okawara, Junji Shimada, a former director of the company, and the family of former adviser Shizuo Aishima, who died in 2021 after falling ill during detainment, insisting court findings on the maliciousness of the investigation by police and prosecutors were insufficient. The state and the metropolitan government had also appealed, arguing their investigation was legal and seeking a rejection of the plaintiffs' appeal. The Metropolitan Police Department said it will decide on its response after thoroughly examining the latest ruling. Prosecutors withdrew the indictment in July 2021, but Aishima died due to stomach cancer at age 72 in February of that year before redeeming his honor. The plaintiffs sought 560 million yen in damages in the lawsuit filed in September 2021, claiming the items in question -- spray dryers that can atomize liquids and turn them into powder through a quick drying process -- were not subject to export restrictions. The Yokohama-based firm is Japan's leading maker of spray dryers, widely used to produce food products such as instant coffee, baby formula, medicine and ceramics. The three men were arrested in March 2020 on suspicion of exporting spray dryers capable of producing biological agents without authorization. Okawara and Shimada spent 332 days in custody until they were released on bail in February 2021. © KYODO
Yomiuri Shimbun
7 days ago
- Business
- Yomiuri Shimbun
High Court Orders Japan, Tokyo Govts to Compensate over Probe
Yomiuri Shimbun file photo The Tokyo District Court and Tokyo High Court Tokyo, May 28 (Jiji Press)—Tokyo High Court on Wednesday upheld a lower court ruling ordering the Japanese and Tokyo metropolitan governments to pay about ¥166 million in damages over investigations into a case against spray-dryer maker Ohkawara Kakohki Co. Teruyoshi Ota, presiding judge at the high court, backed the December 2023 ruling by Tokyo District Court that found the investigations by the Metropolitan Police Department and the Tokyo District Public Prosecutors Office into the company over its alleged improper exports illegal. The plaintiffs are the company based in Yokohama, near Tokyo, CEO Masaaki Okawara, 76, former executive Junji Shimada, 72, and the family of former adviser Shizuo Aishima, who died at the age of 72 in February 2021 after being found to have stomach cancer while being detained. In 2020, Okawara, Shimada and Aishima were indicted on charges of illegally exporting a spray dryer that might be repurposed to make biological weapons.. The charges were withdrawn the following year. In the trial at the high court, the company side argued that the police had the industry ministry distort its interpretation of export control standards, citing as new evidence memos of the investigations and testimonies by investigators. The central and Tokyo metropolitan governments claimed that the authorities had investigated the case according to the interpretation of the ministry from the beginning and that there was nothing unreasonable in their judgments, including the indictments against the three.
The Mainichi
7 days ago
- Business
- The Mainichi
High court orders Tokyo gov't, state to compensate for illicit probe
TOKYO (Kyodo) -- A Japanese high court on Wednesday ordered the Tokyo metropolitan government and the state to compensate a company president and others for an unlawful investigation into the alleged unauthorized export of goods capable of producing biological weapons. The Tokyo High Court ruled the investigation on Masaaki Okawara, 76, president of machinery maker Ohkawara Kakohki Co., and two other men was illegal after a Tokyo police investigator testified at the lower court the case was "fabricated" and a former investigator told the high court that people with discretion built the case "out of greed." The plaintiffs had appealed the Tokyo District Court ruling that awarded a total of about 160 million yen ($1.1 million) to Okawara, Junji Shimada, a former director of the company, and the family of former adviser Shizuo Aishima, who died in 2021 after falling ill during detainment, insisting court findings on the maliciousness of the investigation by police and prosecutors were insufficient. The state and the metropolitan government had also appealed, arguing their investigation was legal and seeking a rejection of the plaintiffs' appeal. Prosecutors withdrew the indictment in July 2021, but Aishima died due to stomach cancer at age 72 in February of that year before redeeming his honor. The plaintiffs sought 560 million yen in damages in the lawsuit filed in September 2021, claiming the items in question -- spray dryers that can atomize liquids and turn them into powder through a quick drying process -- were not subject to export restrictions. The Yokohama-based firm is Japan's leading maker of spray dryers, widely used to produce food products such as instant coffee, baby formula, medicine and ceramics. The three men were arrested in March 2020 on suspicion of exporting spray dryers capable of producing biological agents without authorization. Okawara and Shimada spent 332 days in custody until they were released on bail in February 2021.
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
IHH raises claim against Daiichi Sankyo to RM5.7b
IHH Healthcare Bhd said that its wholly owned subsidiary, Northern TK Venture Pte Ltd (NTK), has filed a petition with the Tokyo District Court to increase its damages claim against Japan's Daiichi Sankyo Co Ltd. The revised claim now amounts to approximately RM5.71 billion, significantly higher than the initial claim of JPY20 billion (RM634 million). The claim comprises damages arising from NTK's tortious claims (excluding defamation), a separate defamation claim amounting to JPY5 million, and accrued interest. The move follows NTK's earlier submission of an expert report in February 2025, which quantified losses based on hypothetical scenarios in which NTK's proposed open offers for Fortis Healthcare and Fortis Malar Hospitals had proceeded. The Tokyo District Court served the petition to Daiichi Sankyo today. NTK has reserved the right to further amend the claim amount. The next court hearing is scheduled for July 11, 2025. — TMR
