Fortis Promoter Files Increased Damages Claim Against Daiichi Sankyo
By Ankur Chandra | Updated at: May 31, 2025 10:43 PM IST
GURUGRAM, India | May 20, 2025 — Fortis Healthcare Ltd (NSE: FORTIS, BSE: 532843) has informed the stock exchanges of a significant development in an international legal case involving its promoter shareholder, Northern TK Venture Pte Ltd (NTK). NTK is an indirect, wholly owned subsidiary of Malaysia-based IHH Healthcare Berhad.
Litigation Update: Increased Damages Claim Filed in Tokyo District Court
On May 9, 2025, NTK formally filed a revised petition with the Tokyo District Court, seeking a substantial increase in the damages claimed from Daiichi Sankyo Company, Limited. The court formally notified Daiichi Sankyo of this update on May 20, 2025.
NTK has amended its damages claim as follows:
| Claim Type | Original Claim | Revised Claim |
|---|---|---|
| Tortious Claim (excl. defamation) | JPY 20 billion | INR 10,929.94 crore (JPY 199.79 billion approx.) |
| Defamation Claim | – | JPY 5 million (INR 27.35 lakh approx.) |
| Accrued Interest on Damages | – | Included in total, subject to future computation |
The increase in the claim amount follows the submission of an expert report (referred to as the OP Report) by NTK to the court on February 6, 2025. This report provides a counterfactual analysis—detailing the estimated financial losses had the open offers for Fortis and Fortis Malar Hospitals gone ahead as originally planned.
Background: The Fortis Transaction
The dispute stems from a series of strategic investment decisions made by NTK as part of IHH Healthcare Berhad’s efforts to acquire a controlling interest in Fortis Healthcare. These actions included:
- Subscribing to 23.53 crore equity shares in Fortis through a preferential allotment.
- Launching a mandatory open offer to acquire an additional 26.10% stake in Fortis.
- Proposing an open offer for 26.00% stake in Fortis Malar Hospitals.
However, the transaction faced legal roadblocks arising from a historical dispute between Daiichi Sankyo and the previous promoters of Fortis, which has since escalated into the current international litigation.
Next Hearing and Fortis’ Position
The Tokyo District Court has scheduled the next hearing in the matter for July 11, 2025. Fortis Healthcare has assured stakeholders that it will continue to keep the exchanges informed of any significant updates as the case progresses.
About Fortis Healthcare
Fortis Healthcare is among India’s leading integrated healthcare providers, operating a wide network of hospitals across the country. The company is part of IHH Healthcare Berhad, one of Asia’s largest and most reputable healthcare groups.
Investor Advisory
Fortis Healthcare has clarified that the ongoing litigation and the recent developments have no impact on its current operations or financial performance. Nevertheless, investors are encouraged to stay informed and closely monitor the case as it proceeds through the Japanese judicial system.
Disclaimer: This content is only for informational purpose. It does not make any recommendation to act or invest. Please read the offer documents carefully before investing. Investments are subject to market risks and other risks. There is no guarantee of the actual returns that will be given.
REF: https://nsearchives.nseindia.com/corporate/FORTIS_20052025231048_Reg30intimation.pdf
