Chandan Healthcare Addresses NSE Complaint Regarding RHP Disclosures in DIMSL Shareholding

Chandan Healthcare Addresses NSE Complaint Regarding RHP Disclosures in DIMSL Shareholding​

Chandan Healthcare Limited has issued a detailed response clarifying disclosures made in its Red Herring Prospectus (RHP) related to its investment in Dayal Institute of Medical Sciences Limited (DIMSL), addressing a complaint filed by the institute. The company emphasized that while an inadvertent drafting error occurred, the status of the shares and associated liabilities were adequately disclosed elsewhere within the RHP document.

The response addresses allegations raised by DIMSL concerning the portrayal of its stockholding in Chandan Healthcare’s RHP dated February 04, 2025. The core issue relates to the description of equity shares held by Chandan Group entities in DIMSL as "fully paid-up" in one section of the prospectus, while they were actually partly paid up with a significant outstanding liability.

Chandan Healthcare acknowledged an inadvertent clerical error regarding the share status in the Notes to the Consolidated Financial Statements (page 269 of the RHP). However, the company noted that the same RHP document contained clear and specific disclosure in another section titled "Our Group Companies- Shareholding Pattern of Chandan Institute of Medical Sciences Limited." This disclosure stated: "The shares of these shareholders are partly paid up. Only Re. 1 is received from them i.e., for Chandan Hospital Limited, Chandan Healthcare Limited, Chandan Pharmacy Limited and Chandan Singh Foundation have paid on 8,50,000, 8,25,000, 4,25,000 and 1,48,150, respectively."

The company stated that this explicit disclosure demonstrated the absence of intent to mislead investors regarding the nature of the shares.

Details of Investment and Dispute​

The investment by Chandan Group entities into DIMSL originated from an MOU dated December 18, 2021, between CIMS (the original entity) and two other parties. Shares were allotted during Fiscal Year 2021-22 at a price of ₹270 per share, against a face value of ₹10. The company confirmed that only 27 per share was called up initially, with the balance amount remaining uncalled as of the RHP date.

The company clarified its accounting treatment regarding capital receipts, noting that certain amounts transferred by Chandan group companies to DIMSL for funding and construction-related expenses were adjusted against outstanding call money on the partly paid up shares. Any excess was subsequently classified as a loan or borrowing based on transaction nature.

Financial disputes between the parties remain ongoing. Chandan Hospital Limited issued Recovery Notices to DIMSL on March 25, 2026, claiming financial assistance amounting to ₹5,82,99,814.87. Simultaneously, DIMSL issued Call Notices dated March 10, 2026, demanding payment of 243 per share from Chandan Group entities.

Context of Ongoing Litigation​

Chandan Healthcare emphasized that the complaint must be viewed in the context of active and heavily contested commercial disputes between the two shareholder groups. The company noted several ongoing legal proceedings:

• Arbitration: Arbitration proceedings are pending under Clause 9 of the MOU dated December 18, 2021. Notices were issued by Rajesh Singh Dayal on February 13, 2026, and March 18, 2026.
• Financial Claims: Recovery Notices claiming ₹5,82,99,814.87 are pending dispute.
• Share Call: Notices demanding payment of 243 per share were challenged by the company on April 21, 2026.

The company further provided details regarding the shareholding and financial status:


The company committed to full transparency and undertook that it will cooperate fully with regulatory authorities and make corrective disclosures in all future filings.

RCOM Stock Price Movement​

Reliance Communications Limited shares today settled flat, closing at ₹0.94 as trading activity unwound. The stock traded within an intraday range of ₹0.93 to ₹0.96 amid total volume of 2.47 million shares.