 "Delhi High Court")
Max Healthcare has moved the Bombay High Court against Touch Healthcare, Quality Care India and Evercare Group Management for alleged breach of contract in an offer to acquire Care Hospitals.
Quality Care and Evercare group own a majority stake in Care Hospitals, a Hyderabad-based entity. In a statement to the stock exchanges, Max said the petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 for seeking interim measures of protection and preservation in respect of the contractual rights available to the company prior to the commencement of arbitration. "The contractual rights arise from the binding obligations of the respondents as per the term sheet entered into by the company with Evercare Group Management Limited dated March 16, 2023," said Max.
Max made an offer to acquire Care Hospitals, which is going ahead with one made by US-based private equity firm Blackstone. Evercare is wholly owned by the Evercare Health Funds, a $1 billion emerging markets healthcare fund managed by TPG.
TPG declined to comment but an insider said the company is not involved in the litigation. Max Helathcare declined to comment.
The Evercare Health Fund comprises leading investors and global development finance institutions including The Rise Fund, the Bill & Melinda Gates Foundation, the US International Development Finance Corporation (DFC), the International Finance Corporation (IFC), CDC, Proparco, Philips, and Medtronic.
