A Federal High Court in Abuja will decide on May 21, 2025, who effectively leads Vedic Lifecare Nigeria Limited amid a dispute between Dr. Benedict Okpala and Narayanan Chandra Praskash. The case involves share allocation and control over the company, with regulatory compliance issues also at play. Okpala claims Praskash unlawfully reduced his shares and took operational control, while the defendants deny these accusations.
The Federal High Court in Abuja is set to rule on who is the legitimate operating officer of Vedic Lifecare Nigeria Limited, following a legal dispute involving Dr. Benedict Okpala and Indian national Narayanan Chandra Praskash. A judgment date has been set for May 21, 2025, after both parties submitted their final written addresses regarding the company’s incorporation and multimillion naira share allocation.
The dispute centers around the structure of the share allotment in Vedic Lifecare, which is significant due to its high value, as well as control over its operations and assets, impacted by factors such as expertise and investment. The case involves several entities including the Medical and Dental Council of Nigeria and HEFAMAA, highlighting potential regulatory issues tied to the Medical and Dental Practitioners Act governing foreign medical practitioners in Nigeria.
Dr. Okpala asserts that in 2011, he established a partnership with Praskash, who expressed interest in investing in a medical project. Okpala claims that after the incorporation of Vedic, he was recognized by regulatory authorities as the operating officer and has consistently renewed its registration. He accuses Praskash of seizing control of the company, including the hiring of foreign doctors without proper certification.
Furthermore, Okpala contends he invested N272,030,000 and originally held 300,000 shares in the company. However, he claims Praskash unlawfully reduced his shares to 159,944 without his consent, subsequently issuing new shares to others. Okpala seeks to have this document nullified, alleging it is fraudulent.
Conversely, the defendants, including Praskash, categorically deny Okpala’s allegations, characterizing them as unfounded attempts to harm Praskash’s reputation. They claim that Praskash, an Indian national, was the original conceptualizer behind Vedic Lifecare’s establishment, aimed at enhancing Nigeria’s medical services.
In their defense, the defendants assert that Okpala has always been a minority shareholder and that they intend to dismiss his claims. This lawsuit, identified as FHC/ABJ/CS/1516/2021, is awaiting a ruling from Justice Inyang Ekwo, who has indicated that the judgment may come earlier than the fixed date if possible. The outcome is eagerly anticipated, as it will clarify ownership and control over Vedic Lifecare Nigeria Limited.
In summary, the ongoing legal battle between Dr. Benedict Okpala and Narayanan Chandra Praskash over Vedic Lifecare Nigeria Limited raises significant questions regarding the true leadership and share allocation of the organization. As both parties present their cases, the Federal High Court’s decision will play a crucial role in determining the future administrative structure of the medical facility. Stakeholders and observers are keenly awaiting the court’s judgment scheduled for May 21, 2025, which may influence regulatory practices related to foreign medical practitioners in Nigeria.
Original Source: nairametrics.com
