The Federal High Court, Abuja, has fixed a judgment date to determine who the real operating officer in charge of Vedic Lifecare Nigeria Limited, a medical facility in Lagos, is between Dr. Benedict Okpala and an Indian national, Narayanan Chandra Praskash.
The court scheduled May 21, 2025, for judgment after lawyers for both parties orally adopted their final written addresses regarding the company’s incorporation, registration, and associated multimillion naira share allotment on Monday.
In court documents exclusively reviewed by Nairametrics, Okpala and Praskash are battling over the structure of the allotted shares in the company, which is worth millions, and who should have significant control over the medical facility and its branches, based on expertise, investment, and other factors.
Dragged into the legal dispute are the Medical and Dental Council of Nigeria, the Lagos State Health Facility Monitoring and Accreditation Agency (HEFAMAA), Praskash, Linda Alaomah, Pius Olarewaju, Vedic, and five commercial banks.
The case also touches on the Medical and Dental Practitioners Act, which stipulates the minimum standards that must be observed regarding the certification and registration of holders of foreign medical or dental qualifications before they are allowed to engage in any form of medical practice in Nigeria.
Plaintiff’s Claims
Vedic Lifecare Registration Claims
- According to Okpala, sometime in 2011, Praskash, who had built a friendly relationship with him, indicated his desire to invest in his dream of a medical services project with an international outlook.
- He submitted that Praskash allegedly discovered he was previously involved in providing medical services with an international scope, including emergency medical evacuations and other forms of medical tourism in collaboration with some Indian hospitals.
- The plaintiff claims he agreed to the arrangement, and Praskash informed him that his lawyers had incorporated Vedic for him.
- He claimed that after the incorporation, he eventually registered Vedic as a hospital and private health institution with HEFAMAA.
“The plaintiff has, from year to year since 2012, renewed the registration on an annual basis,” Okpala claimed, maintaining that, by that registration, regulatory authorities recognized him as the operating officer in charge of Vedic.
- Despite this, Okpala accuses the Indian national of controlling the company’s affairs and allegedly arrogating to himself the power to recruit and hire foreign doctors without the necessary certification in Nigeria, as well as the power to open and operate bank accounts in the name of the medical facility.
Investment Claims
- The plaintiff further claims he invested a total sum of N272,030,000 and that, by the structure of the allotted shares at the time of Vedic’s incorporation, he acquired 300,000 units of ordinary shares of N1.00 each out of a share capital of 1,000,000, divided into 1,000,000 ordinary shares of N1.00 each, representing 30% of the company’s share capital.
- Okpala claims that Praskash informed him at the time of the company’s incorporation that his mistress and others would be shareholders and members of the envisaged company, along with any other persons he may wish to include as members.
- However, Okpala claims Praskash later filed a document at the Corporate Affairs Commission purporting to be a “Return of Allotment (Post Incorporation) Form CAC 2A,” in which his original shares were allegedly reduced without his permission to 159,944 units from the original 300,000 units.
- Okpala asserts that he never sold any of his original shares and, in fact, had invested more money into Vedic, which was supposed to be converted into additional shares for his benefit, making him the largest shareholder.
- According to Okpala, in the Return of Allotment (Post Incorporation) document, Praskash allegedly increased the shares of his companion to 2,188,723 units from the original 400,000 units.
- The plaintiff maintains that he was not a party to the said Return of Allotment and claims that the document is fraudulent.
- He has asked the court to nullify it and declare it invalid.
Praskash, Linda, and Vedic’s Joint Defense
- However, the legal team representing Vedic, Praskash, and Linda denied the plaintiff’s claims in their entirety, describing them as a “mischievous attempt to denigrate the character of Praskash and others.”
“The averments contained in those paragraphs are either contrived or outright fabrications,” they stated in a formal defense seen by Nairametrics.
- The defendants contended that Praskash never expressed any interest in investing in Okpala’s “dream.”
- Instead, they argued that Praskash, being an Indian national, was the one who conceived the idea of establishing an Indian medical facility in Nigeria to curb the growing trend of medical tourism and address the country’s healthcare challenges.
Registration and Shares Allotment Counterclaim
- Praskash and two others further maintained that Vedic was never registered on behalf of Dr. Okpala and that he has always been a minority shareholder in the company.
- Praskash and a few other defendants in the suit have asked the court to dismiss Okpala’s claims as untrue.
What We Know
Nairametrics reports that this pending lawsuit, marked FHC/ABJ/CS/1516/2021, was scheduled for adoption before Justice Inyang Ekwo of the Federal High Court in Abuja on March 3, 2025.
- Okpala’s lawyer, George Ibrahim, SAN, urged the court to grant all the reliefs sought by his client, declaring him the operating officer in charge of Vedic Lifecare.
- The counsel representing Vedic and Praskash adopted his final address, arguing that the plaintiff’s suit is without merit and should be dismissed.
- The legal representative for the commercial banks announced that they had not filed any processes in the matter.
After hearing arguments from both sides, the judge fixed May 21, 2025, for judgment, adding that he might deliver it earlier if it is ready before the scheduled date.
As this legal battle unfolds, all eyes will be on the courts to determine the ownership tussle over Vedic Lifecare Nigeria Limited.
