Yatharth Hospital receives order from MP Govt for takeover of Ramraja Hospital premises
MP: Yatharth Hospital faced a major turmoil yesterday as the hospital has received an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh. This order mandated the takeover of Ramraja Hospital's premises. As soon as the news came, the shares of Yatharth Hospitals experienced a 9 percent drop in the early trading hours of November 29.In a statement to regulatory authorities,...
MP: Yatharth Hospital faced a major turmoil yesterday as the hospital has received an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh. This order mandated the takeover of Ramraja Hospital's premises. As soon as the news came, the shares of Yatharth Hospitals experienced a 9 percent drop in the early trading hours of November 29.
In a statement to regulatory authorities, Yatharth Hospitals expressed their astonishment, highlighting that they had received no prior notice or communication regarding this action. The company questioned the factual basis of the order and has decided to prefer an appeal at the Madhya Pradesh High Court.
Yatharth Hospitals said in a regulatory filing, “We further inform you that no notice or communication in this regard was received by the company before and this order has come as a total surprise to us,” reports MoneyControl.
Ramraja Multispeciality Hospital & Trauma Centre was aquired by Yatharth Hospitals on February 18, 2022. Before this acquisition, Ramraja Hospital had procured total 5.698 hectares of land from various individual owners between 2012 and 2017. Following these land acquisitions, the hospital secured NOCs from governmental bodies for commercial/hospital operation and had the land converted for commercial and hospital use.
Ramraja Hospital commenced its operations in 2017. However, in 2019, the National Highway Authority of India (NHAI) acquired 0.962 and 0.418 hectare land from the last owner of Ramraja Hospital for road expansion. NHAI provided compensation for the same.
Despite the recent order, Yatharth Hospitals reassured that the operations at Ramaraja Hospital would continue uninterrupted. “We are committed to ensure the smooth functioning of the hospital and foresee no significant impact on the financial and operational performance of the hospital,” said Yatharth Hospitals.
Medical Dialogues team had earlier reported that the income tax department had raided multiple premises of the Yatharth hospital group in Uttar Pradesh and Delhi on charges of alleged tax evasion amounting to crores of ruppees.
Read also: Income Tax Raid At Yatharth Hospitals
