An Indian court has ordered to freeze the assets of billionaire, B.R. Shetty, who earlier fled the UAE with his wife, considering those funds as personal guarantees of debt to the Bank of Baroda, India’s international bank.
It is reported that the court order is the step taken by India’s most prestigious bank to recover a $250 million debt in the form of loans granted to NMC Health and other companies linked to Shetty.
Dharmendra Chatur, the lawyer representing the Bank of Baroda stated: “A court in Bengaluru has concluded that a prima facie case has been filed to protect the interest of the Bank of Baroda against Shetty and his wife, and the next court session will be held on 8 June.”
At a meeting last March, Shetty agreed to secure his liability to the Bank of Baroda, according to court documents.
The case dates again to when the Indian billionaire, proprietor of NMC Health, fled the UAE in February. Thus, Shetty is dealing with persecution for at the very least 5 authorized fits filed in opposition to him.
Media shops defined that Shetty’s monetary issues brought on the commerce of his firms’ shares within the London Stock Exchange to be suspended.
Foreign media reported that the Indian billionaire had fled Dubai after seizing $6.6 billion.
