What began as a high-stakes corporate clash stretching across Indian and American courtrooms has finally been laid to rest in Kolkata. On September 19, the Calcutta High Court approved a settlement between Glocal Healthcare Private Limited and US-based UpHealth Holdings Inc., drawing curtains on a multi-million-dollar feud that once threatened to drag on endlessly.
The dispute had drawn unusual attention because one of Glocal’s early backers was none other than former SEBI Chairman M. Damodaran. At its core was a share purchase agreement signed in 2021, which saw UpHealth acquire nearly 95% of Glocal’s shares after buying out Damodaran and others. But the honeymoon ended quickly—accusations flew, with UpHealth claiming Glocal refused to hand over control, while Glocal shot back alleging fraud and even filed criminal complaints.
The conflict only escalated. In March 2024, the International Chamber of Commerce’s arbitration wing hit Glocal with a $110.2 million damages order, holding the company and its directors liable. Damodaran himself was initially saddled with a $25 million liability before a US court later set aside his portion of the award.
Glocal resisted, challenging the ruling before the Calcutta High Court. But in parallel, UpHealth was dragged into bankruptcy proceedings in Delaware, shifting the dynamics of the standoff. That twist paved the way for negotiations, culminating in a deal with unusual terms: Glocal will receive $37 million from UpHealth’s liquidation process, while paying $10 million to buy out any remaining equity held by the American firm. The net effect—Glocal walks away $27 million stronger, while UpHealth relinquishes its claims, shares, and intellectual property tied to the Indian company.
Justice Sabyasachi Bhattacharyya formally endorsed the settlement, noting that the agreed terms were lawful and making them part of the court’s record. The order praised the counsels for steering one of the more complex corporate disputes of recent years toward resolution.
With the court’s nod, what once loomed as a bitter cross-border legal saga has ended with an unlikely outcome: Glocal not only frees itself from a crushing arbitral award but also exits with a sizeable financial gain.