The Bombay High Court upheld the arbitrator s decision to deny Max Healthcare Institute interim relief in its plea to halt the sale of Care Hospitals to Blackstone Group. Max Healthcare claimed exclusivity in deal negotiations with Care Hospitals but alleged a violation by the owners.
The July 19 order passed by the arbitrator refused to grant urgent interim relief to Max and also refused to grant status quo as regards third-party rights.
Max Healthcare claimed that the term sheet it signed with Touch Healthcare, which owns Care Hospitals along with TPG-backed Evercare Group, had granted it exclusivity in deal negotiations until April 12. However, the owners of Hyderabad-based Care Hospitals were already talking with other buyers on April 11, in violation of the agreement, it alleged.