The Board of Directors of Metropolis Healthcare Ltd. has approved the acquisition of Dr. Ganesan’s Hitech Diagnostic Centre Private Limited and its subsidiary Centralab Healthcare Services Private Limited in a combination of cash and equity shares deal.

To achieve the closure of the transaction, the company took shareholder and other necessary approvals. However, through delays in the completion of the Sellers’ obligations under the Share Purchase Agreement (SPA), the transaction as contemplated under the SPA was initiated but has not been consummated till date.

In the interim, the statutory approvals obtained by the company under SEBI ICDR have lapsed in accordance with applicable law and are required to be re-obtained.

The company, since the 3rd/4th week of April 2021, through various discussions and correspondences has been trying to conclude the said transaction with the Sellers under the SPA. A letter was also issued on 5th July 2021 to the Sellers asking them to fulfil their obligations under the SPA and communicate to the company on the said transaction, failing which it will be considered as a confirmation by the Sellers of their intention to terminate the transaction without prejudicing the rights of the company under the SPA.

In the view of no communication from the Sellers to the letter issued on 5th July 2021, it can be assumed that the Sellers are not intending to close the transaction. The company is presently evaluating its rights, and the various routes available for their enforcement, and will accordingly take appropriate actions on this matter.

The company will continue its growth path by exploring various opportunities in the marketplace.