Max Healthcare Institute Limited has informed the stock exchanges that a petition has been filed before the National Company Law Tribunal (NCLT), Cuttack Bench, by BRS Capital Two Pte. Limited. The petition names Kalinga Hospital Ltd. (KHL), a subsidiary of Max Healthcare, and other shareholders from whom the company acquired a majority equity stake. The legal action was initiated under sections 241 and 242 of the Companies Act, 2013, alleging oppression and mismanagement of the affairs of KHL.

The disclosure follows the completion of Max Healthcare's acquisition of approximately 58.28% of the share capital of Kalinga Hospital Ltd. on May 18, 2026. The petition was listed for hearing on May 19, 2026, at 11:00 am IST. During the proceedings, the Hon'ble NCLT heard the submissions of the parties involved.

Litigation Details

The tribunal directed the parties to file concise written submissions based on the oral arguments advanced regarding the interim reliefs sought by the petitioner. Consequently, the matter has been reserved for orders by the NCLT. The next date of hearing for this case is scheduled for July 7, 2026.

Regarding the financial implications, the company stated that the outcome of the petition and its potential impact cannot be anticipated at this stage. The disclosure has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Max Healthcare Institute Limited has completed the acquisition of a controlling equity stake in Kalinga Hospital Ltd (KHL), marking a significant expansion of its hospital network into Odisha. The transaction was concluded on May 18, 2026, with the company receiving credit confirmation of equity shares of KHL at 5:18 PM IST on the same day. With the completion of this transaction, KHL has formally become a subsidiary of Max Healthcare Institute Limited.

Acquisition Details

The company acquired ~58.28% equity stake in KHL for an aggregate consideration of ~₹297.97 Crore. To finance the acquisition, Max Healthcare Institute also availed a Senior Secured Term Loan on May 18, 2026. The following table summarises the key parameters of the transaction:

Background and Board Approval

This development is in continuation of an earlier intimation dated April 8, 2026, wherein the Board of Directors of Max Healthcare Institute Limited had approved entering into a Share Purchase Agreement for the acquisition of a controlling stake (~58.39%) in KHL. The board had also approved securing a Senior Secured Term Loan of up to ₹300 Crore in the form of External Commercial Borrowings to finance the acquisition. KHL operates the 250-bedded Kalinga Hospital, a multi-specialty facility located in Bhubaneswar, Odisha.

Regulatory Disclosure

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was submitted to both the National Stock Exchange of India Limited and BSE Limited. The disclosure is also being hosted on the company's website at www.maxhealthcare.in . The filing was signed by Dhiraj Aroraa, SVP – Company Secretary and Compliance Officer, Max Healthcare Institute Limited.