Damodaran was fined by the International Court of Arbitration (ICC) for violating a lawsuit pertaining to a contract. Damodaran owned stock in Glocal Healthcare Systems, an Indian company.
The International Court of Arbitration (ICA) in the US is reportedly requesting that former Sebi chief Meleveetil Damodaran pay up to Rs 206 crore ($24.84 million) in damages in a case involving NYSE-listed UpHealth and Glocal Healthcare Systems. According to reports, Damodaran was fined by the court for violating the terms of a contract litigation. A stockholder of Glocal Healthcare Systems was Damodaran.
According to Businessworld, the court awarded damages totaling around Rs 920 crore ($110.2 million) against Glocal Healthcare, its directors, major shareholders, and promoters.
In its lawsuit, UpHealth argues that after paying Rs 2,100 crore in cash, stock, and debt to purchase a 94.81% share in Glocal, the company's directors and promoters blocked the transfer of management control and withheld financial data from UpHealth.
Under the auspices of the International Chamber of Commerce, UpHealth initiated arbitration procedures at the Chicago tribunal (ICC). UpHealth's attorneys had previously informed an Indian court that the arbitration proceedings and the US venue were in accordance with the provisions of the SPA (share purchase agreement) agreed upon by the parties during the sale, in response to Glocal and its promoters' previous attempts to prevent UpHealth from pushing forward with US arbitration.
The conflict emerged from Holdings' purchase of Glocal in accordance with a Share Purchase Agreement dated October 30, 2020, and Respondents' subsequent violation of their contractual commitments to give Holdings control of Glocal. The parties received the Final Award from the ICA on March 18. The arbitral panel determined that the respondents were responsible for breach of contract in the Final Award.
Damodaran sits on the boards of numerous eminent Indian businesses. The Board of One 97 Communications Ltd. announced the creation of a Group Advisory Committee led by Damodaran to collaborate with the Board in enhancing compliance and regulatory matters following the Paytm Payments Bank debacle.
In Kolkata, Glocal Healthcare Systems Private Limited is a hospital, according to Bloomberg's company profile. The hospital provides outpatient, nursing, pain treatment, gynaecology and obstetrics, orthopaedics, cardiology, and opthalmology services. Indian clients are served by Glocal Healthcare Systems.Respondents are accountable for contract violations.
Bloomberg claims that UpHealth offers medical services. To manage health and integrate care, the company provides tech-enabled services and a patient-centric digital health platform. Patients from all over the world are served by UpHealth.
