UpHealth Holdings Takes Steps to Enforce the International Court of Arbitration’s Final Award to UpHealth Holdings of more than $110 Million in Damages in Breach of Contract Lawsuit Involving the 2020 Purchase by UpHealth of Glocal Healthcare Systems
Holdings, pursuant to a Share Purchase Agreement dated October 30, 2020, acquired a supermajority of the shares of Glocal in a series of transactions from November 20, 2020 to August 27, 2021 and, as the Tribunal noted, “it is incontrovertible that [Holdings] holds 94.81% of the shares in Glocal”.
- Holdings, pursuant to a Share Purchase Agreement dated October 30, 2020, acquired a supermajority of the shares of Glocal in a series of transactions from November 20, 2020 to August 27, 2021 and, as the Tribunal noted, “it is incontrovertible that [Holdings] holds 94.81% of the shares in Glocal”.
- In particular, the Tribunal found that the Respondents “failed to give [Holdings] control of [Glocal]” after the closing of the acquisition, despite the payment in full of the acquisition consideration, and noted that the Calcutta High Court also agreed that Holdings has invested approximately Rs 2100 crores in Glocal.
- As the ICA confirmed and validated UpHealth’s ownership of Glocal as per the lawfully executed purchase agreement, it is critically important to pursue enforcement of the Tribunal’s Final Award to recover and take control of our assets.
- This will provide further confidence with other foreign investors to continue to invest in India in order to better the access of vulnerable populations to high quality, cost-effective healthcare services,” said Martin Beck, Chief Executive Officer of UpHealth.