Follow Us:
Thursday, May 28, 2020

NMC founder owes over $250 million to Bank of Baroda

The 16 properties in several Indian cities including Bengaluru were among guarantees put up by Shetty and his wife against the 19.13 billion rupees ($253 million) loans, according to a May 16 court order seen by Reuters.

By: Reuters | Dubai/mumbai | Published: May 20, 2020 12:55:56 pm
In the court filing seen by Reuters, Bank of Baroda said Shetty had an obligation to handover the title deeds of the 16 properties and mortgage the assets with the bank. (Representative image)

Bank of Baroda is seeking to recover loans worth more than $250 million from NMC founder BR Shetty and his companies and an Indian court has barred him and his wife from selling or transferring some properties while it hears the case, a court document showed.

The 16 properties in several Indian cities including Bengaluru were among guarantees put up by Shetty and his wife against the 19.13 billion rupees ($253 million) loans, according to a May 16 court order seen by Reuters. The court in Bengalaru set the next hearing in the case for June 8.

NMC, the largest private healthcare provider in the United Arab Emirates, was placed under administration in April after months of turmoil. It disclosed in March it had debts of $6.6 billion, well above earlier estimates of $2.1 billion.

Finablr, in which Shetty has a controlling stake, said in April it may have nearly $1 billion more in debt than previously reported.

Shetty and Bank of Baroda did not immediately respond to a Reuters request for comment.

In the court filing seen by Reuters, Bank of Baroda said Shetty had an obligation to handover the title deeds of the 16 properties and mortgage the assets with the bank.

($1 = 75.6450 Indian rupees)

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement