Max Healthcare and Touch Healthcare signs agreement to settle dispute

Max Healthcare accused Touch Healthcare of favouring Blackstone's offer over a prior agreement for Care Hospitals' sale

Max Healthcare Institute and TPG-backed Touch Healthcare Private reached a mutual agreement on Tuesday in respect of the ongoing arbitration proceedings.

Max Healthcare had moved the courts alleging that while Touch Healthcare had signed a term sheet with it for the sale of Care Hospitals, the latter went ahead with a better offer from private equity major Blackstone. The court had asked both parties to go for arbitration, following which both parties resolved their dispute through mutual agreement.

With today’s agreement, all the parties to the arbitration proceedings have agreed to release all the present and future claims arising out of the term sheet dated 16 March 2023, and any legal proceedings.

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As per the agreement, the arbitrator has passed a consent award discontinuing the arbitration proceedings without the imposition of costs, said a statement from the company.

Max Healthcare Institute filed a breach of contract case against Touch Healthcare Private and Quality Healthcare last year.