Wockhardt moves SC against Hyderbad hospital

Posted By: Religare
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Wockhardt moves SC against Hyderbad hospital
Pharmaceutical and biotech firm Wockhardt has approached the Supreme Court, accusing Kamineni Hospitals Ltd., a Hyderabad-based company, for illegally and forcibly taking charge of hospital by breaching the agreement between them.

Based on Wockhardt's allegation, the apex court has issued a notice to Kamineni Hospitals for violating the agreement between the two companies before expiry of the five-year lock-in period for taking charge of the entire property.

Wockhardt Hospital , which is a part of the Habil Khorakiwala founded firm and is present in more than 20 countries, had signed an agreement with Kamineni Hospital which had the ownership of land and building.

Wockhardt has reported that according to the agreement, company has invested huge sum of money in the form of equipment, manpower, instruments, utilities, machinery, fitting etc. Moreover, the lock-in period of the deal was 5 years.

Read more about: wockhardt, bse, nse, pharma
Story first published: Wednesday, May 4, 2011, 9:30 [IST]
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