On May 10, 2023, VARECS Partners Limited started its activist campaign against Techno Medica Co., Ltd. with the announcement of a proposal on Appropriation of Surplus. From 124 Yen, the dividend amount will be the amount after deducting surplus dividend per share approved at the General Meeting of Shareholders and this will come into effect on the day of the meeting. The company has opposed the proposal stating that return of profits is one of the company's important policies and is determined based on business performance for the current fiscal year, future business development and maintenance of stable dividends.

It has neither made employment adjustments nor has it ever been in the red even during the Lehman shock, Great East Japan Earthquake or the Corona pandemic and has always made stable profits. However, the company believes that the proposal aims at only short-term profits and does not match their dividend and fund utilization policy. The proposal also does not contribute to the improvement of its corporate value over medium to long term.