UpHealth Holdings, Inc. has launched legal proceedings to
address allegations of perjury and related offenses against former
SEBI Chairman M. Damodaran and
others.
DELRAY
BEACH, Fla., June 18,
2024 /PRNewswire/ -- UpHealth Inc. ("UpHealth"),
a leading provider of behavioral health solutions, announced that
its wholly-owned subsidiary, UpHealth Holdings Inc. ("UpHealth
Holdings"), has launched legal proceedings in India to address serious allegations of
perjury and related offenses against former SEBI Chairman
M. Damodaran, Dr. Syed Sabahat Azim, Ms. Richa Sana Azim, Mr. Gautam Chowdhury, and Kimberlite Social Infra
Private Limited (collectively, the "Respondents") under Section 340
of the Code of Criminal Procedure 1973.
These legal filings stem from a series of events during
proceedings related to an arbitral award of $110 million issued by the International Court of
Arbitration of the International Chamber of Commerce (the "ICA
Final Award") in favor of UpHealth Holdings. The ICA Final Award
resulted from a breach by the Respondents of a Share Purchase
Agreement (the "SPA") between UpHealth Holdings, the Respondents
and Glocal Healthcare Systems Private Limited ("Glocal"). The
Calcutta High Court (the "High Court") had previously directed the
Respondents to fully disclose their assets, liabilities, and
pending litigations related to the ICA Final Award.
Discrepancies emerged when Mr. Damodaran claimed he was not
present at a crucial meeting of Glocal on September 26, 2022 (the "2022 Meeting"), which
had significant implications for UpHealth Holdings' rights relating
to the SPA. At Mr. Damodaran's request, the Respondents suddenly
produced the minutes of the 2022 Meeting for the first time in 2024
during court proceedings, leading the High Court to comment on the
Respondents' apparent "lack of bonafides and ill motive." UpHealth
Holdings filed perjury actions against the Respondents due to its
strong suspicion that these 2022 Meeting minutes were back dated
and fabricated.
In another attempt to distract UpHealth Holdings' enforcement of
its ICA Final Award, a chargesheet was supposedly filed against
certain current and former officers and directors of UpHealth in a
lower court in Barasat, in direct violation of a High Court order.
UpHealth Holdings subsequently appeared before the High Court to
inform the High Court of these violations.
UpHealth Holdings remains steadfast in its commitment to justice
and integrity. "We are confident in the legal process and expect a
fair outcome," said Martin Beck,
Chief Executive Officer of UpHealth and UpHealth Holdings. "Our
dedication to transparency and truth is unwavering, and we will
continue to pursue every necessary legal avenue to uphold these
principles."
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, statements regarding
the enforcement of the ICA's Final Award and the amounts to be paid
to UpHealth Holdings by the Respondents pursuant to the ICA Final
Award, control of Glocal and its operation, the various litigation
activities in India and the U.S.,
and UpHealth's expectations, hopes, beliefs, intentions, plans,
prospects or strategies regarding future revenue and the business
plans of UpHealth's management team. Any statements contained
herein that are not statements of historical fact may be deemed to
be forward-looking statements. In addition, any statements that
refer to projections, forecasts, or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on certain assumptions and analyses made by the management of
UpHealth considering their respective experience and perception of
historical trends, current conditions, and expected future
developments and their potential effects on UpHealth as well as
other factors they believe are appropriate in the circumstances.
There can be no assurance that future developments affecting
UpHealth will be those anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the parties), or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, including whether the Respondents will comply with the
ICA Final Award, including by paying the amounts awarded to
UpHealth Holdings as set forth therein, uncertainty with respect to
how the Indian courts shall decide various matters that are before
them, the ability of UpHealth to service or otherwise pay its debt
obligations, including to holders of UpHealth convertible notes,
the mix of services utilized by UpHealth's customers and such
customers' needs for these services, market acceptance of new
service offerings, the ability of UpHealth to expand what it does
for existing customers as well as to add new customers and that
UpHealth will have sufficient capital to operate as anticipated.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions being made prove incorrect, actual
results may vary in material respects from those projected in these
forward-looking statements. UpHealth undertakes no obligation to
update or revise any forward-looking statements, whether because of
new information, future events, or otherwise, except as may be
required under applicable securities laws.
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SOURCE UpHealth, Inc.