Teesha
The Karnataka High Court on 12th May refused B. R. Shetty, the founder of NMC Health travel to the United Arab Emirates, upholding its previous ruling.
NMC is one of the UAE’s biggest hospital group listed in London, became Insolvent in April 2020 after its hardships over its finances and disclosure of $6.6 Billion in debt.
Shetty was appealing against a February ruling of a single judge bench of Karnataka High Court, However even this time the two judge bench dismissed his challenge and said “The findings recorded are based on sound appreciation of facts and law”
In November 2020, Shetty denied the reports claiming that he fled UAE after the hospital group’s collapse and he confirmed that he planned to return.
Zulfiquar Memon representing Shetty told Reuters that they are still examining the detailed order and they would challenge the same in the Supreme Court of India.
Two sources directly aware of the matter confirmed to Reuters that the authorities have acted against Shetty on the basis of the complaints by state-run Bank of Baroda, though the bank hasn’t responded to Reuters request for comment.
Bank of Baroda is suing Shetty for not corresponding to the collateral agreement for debts and additional guarantees, however, Shetty described the pact as “Fraudulent document” in a court document seen by Reuters.