A.M. Arun, who took over his family’s single pharmacy shop in Tiruchi and built it into one of India’s largest network of eye care hospitals under Vasan Healthcare Group, passed away on Monday. He was 52.
The cause of his death is still unclear. According to reports, Dr. Arun was declared dead on arrival by doctors at Kauvery Hospital in the morning. The body was then sent to Tamil Nadu Government Multi Super Speciality Hospital at the Omandurar Government Estate for an autopsy.
In 1991, Dr. Arun took over the reins of the family’s pharmacy business, ‘Vasan Medical Hall’, in Tiruchi. In 2002, he made a foray into the eye care business by opening the first eye care hospital in Tiruchi. Soon after, Vasan expanded its presence with over 100 hospitals across the southern States. However, the rapid rise of the group came to an abrupt halt as it got enmeshed in charges of money laundering and foreign exchange violations. The allegations were followed by raids.
Amid tax evasion controversies and deteriorating finances, the NCLT, Chennai, in 2017, ordered commencement of insolvency proceedings against the eye care network, based on a petition filed by one of its suppliers — Alcon Laboratories. However, the Madras High Court stayed the proceedings. In October 2019, a Division Bench vacated the stay, and the case was back at the NCLT.
Once a prized unicorn valued at over $1 billion, Vasan Eye Care is now looking for potential bidders for its assets.
