Five US-based NRI investors, comprising retired doctors and engineers in their seventies and eighties, have filed a petition with the National Company Law Tribunal (NCLT), Kolkata Bench seeking relief in relation to their investment in Manipal Hospitals Synergie Private Limited (formerly Medica Synergie Private Limited), alleging oppression and mismanagement.
The petition follows what the shareholders describe as several attempts, over nearly two years, to resolve their concerns directly with the company — none of which resulted in a resolution.
The petitioners state that they invested in the company two decades ago with the objective of supporting the development of quality healthcare infrastructure in eastern India. According to the petitioners, their investment was motivated not only by financial considerations but also by a belief in expanding access to modern healthcare facilities in the region.
Manipal Health Enterprises acquired approximately 84.95% of Manipal Hospitals Synergie in July 2024, making it the controlling shareholder of the company. The petition raises issues concerning minority shareholder rights, corporate governance, the treatment of long-term investors and what obligations, if any, transfer to a controlling shareholder following an acquisition.
According to the petition, they invested on the basis of a written assurance of a 15 percent annual return after a two-year lock-in period, and allege that their shareholding was subsequently diluted without notice, the written return was not honored and they were excluded from key corporate decisions.
The petitioners have also filed related complaints with Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Registrar of Companies (RoC), the Institute of Company Secretaries of India (ICSI), and the Directorate of Enforcement.
Manipal Hospitals Synergie and Manipal Health Enterprises have denied the allegations, stating the issues relate to prior management and predate the 2024 acquisition. The allegations contained in the petition have not been adjudicated by the National Company Law Tribunal.
At a Mumbai press meet on July 24, Group CFO Sameer Agarwal said, “We have responded to them. It has nothing to do with Manipal. Their concerns relate to the previous management when they had invested in it, and that same thing has been carried on. Unfortunately, they have involved us also.” (Source: Moneycontrol, July 27, 2026.)
Speaking on behalf of the petitioners, Netar Wadhwa said, “We are NRI senior citizens in our seventies and eighties—retired doctors and engineers—who have always held India close to our hearts. Twenty years ago, we invested our hard-earned savings in Indian healthcare because we believed in the vision of creating world-class medical infrastructure that would benefit society. We have approached the NCLT only after exhausting efforts to resolve our concerns through dialogue.
As this matter comes before the Tribunal, we seek nothing more than fairness, accountability, and the honoring of commitments made to those who placed their trust in that vision from the very beginning.”
The petitioners said they would let the legal process take its course and declined to comment further on the specifics of the case.
The petitioners are five US-based long-term minority shareholders who invested in the company approximately two decades ago and have filed a petition with the NCLT seeking relief under applicable provisions of Indian company law.
