UAE court orders B.R. Shetty to pay $45.99 million to SBI after finding he lied under oath
_vb_24.jpeg)
Dubai: The Dubai International Financial Centre (DIFC) Courts has ordered B.R. Shetty, founder of the now-collapsed NMC Healthcare Group, to pay $45.99 million (Dh168.7 million) to the State Bank of India (DIFC Branch) after finding that he lied under oath about signing a personal guarantee for a $50 million (Dh183.5 million) loan.
In a judgment issued on October 8, Justice Andrew Moran described Shetty’s testimony as “an incredible parade of lies” and called his evidence during the September 29 hearing “incoherent and nonsensical.” The court said there was “overwhelming witness and documentary evidence” proving that Shetty personally signed the guarantee in December 2018, making him liable for the debt.
Under the ruling, Shetty must pay $45,997,554.59 (Dh168.8 million), including interest up to the judgment date, with post-judgment interest set at 9 per cent per year, accruing at roughly $11,341 (Dh41,645) per day until full repayment.
The case centred on whether Shetty had personally guaranteed a $50 million loan extended by State Bank of India (SBI) to NMC Healthcare in December 2018. Shetty denied signing any documents or meeting the bank’s CEO, claiming his signature was forged.
However, the court was presented with photographs, meeting notes, and emails from Shetty’s own account contradicting his version.
The bank’s then-CEO, Anantha Shenoy, testified that he travelled to NMC’s Abu Dhabi office on December 25, 2018, where Shetty signed the guarantee in his presence. Shenoy also produced photographs taken weeks later showing Shetty with senior SBI officials, apparently thanking them for the facility. When shown the photos, Shetty claimed the officials must have “just come and stood there” while he posed for pictures with the chairman.
The court dismissed these claims as “false and discreditable manoeuvring designed to evade liability.”
Justice Moran also rejected Shetty’s claim that NMC employees once held a competition to see who could best forge his signature, calling the explanation “bizarre.”
Handwriting experts testified that the signatures on the guarantee, sanction letter, and related documents matched Shetty’s handwriting. The judge said the evidence against him was overwhelming.
The ruling marks another blow to the 83-year-old Indian billionaire, once hailed as one of the UAE’s most successful Indian entrepreneurs. Shetty founded NMC Healthcare in the mid-1970s, building it into the UAE’s largest private healthcare provider, alongside other ventures such as UAE Exchange and Finablr.
At its peak, NMC was listed on the London Stock Exchange and valued at more than $10 billion (Dh36.7 billion). But the company collapsed in 2020 after hidden debts of over $4 billion (Dh14.68 billion) were discovered, triggering international investigations.
Shetty resigned as joint non-executive chairman of NMC in February 2020. The company was later placed under administration in Abu Dhabi, while Shetty left the UAE and returned to India, citing health reasons.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Siddaramaiah, I will abide by Cong high command decision on leadership issue, says Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Sunday said both he and Chief Minister Siddaramaiah will abide by any decision takeb by the Congress high command on the leadership issue in the state.
Speaking to reporters after returning from Delhi, the Congress state president said, he has full faith in the party leadership and that it would take an approapriate decision at the appropriate time.
The remarks comes amid speculations within the party and political circles about a possible leadership change and cabinet reshuffle after May 4, when the results for assembly elections in four states and one union territory, along with bypolls to two assembly segments in the Karnataka are announced.
"I will not speak about political issues before the media. I have already said that when the time comes you will get to know. So I will not tell you," Shivakumar said in response to a question on discussions with the Congress high command during his Delhi visit over the last couple of days.
He asserted that there are no issues within the party, and whatever has been already decided will take place accordingly.
Responding to a question on senior Minister Satish Jarkiholi's reported statement about internal differences, the Deputy CM said, "nothing like that, they (high command) will do what they have to do at the appropriate time."
"There are no issues, we have faith in our party, they will do what they have to," he added.
Asked about the issue of leadership change as the government is about to complete three years in office, Shivakumar said, "... I have never discussed this issue. The CM and I have both said that we will accept whatever and whenever the high command decides, and we will abide by it."
He declined to comment when asked whether any "good news" can be expected by his birthday on May 15.
The leadership tussle within the ruling party has intensified amid speculation about a possible change of chief minister after the Congress government completed the halfway mark of its five-year term on November 20, 2025. The speculation has been fuelled by the reported "power-sharing" arrangement between Siddaramaiah and Shivakumar at the time of government formation in 2023.
Responding to a question on the BJP's criticism against the Congress government over its decision on internal reservation for Scheduled Castes, alleging injustice to several communities and questioning its intent behind the revised quota formula, Shivakumar said the BJP could not do anything on internal reservation while in power, but the Congress has kept its promise.
"We have found a solution and tried to do justice to all sections among SCs. We have fulfilled the promise made and every one should go together," he said.
Shivakumar warned his party workers against erecting flex banners for his birthday on May 15.
"For May 15, I want to tell everyone that no one should put up flex banners or advertisements for my birthday. If flex are installed I will ensure that cases are registered by authorities against those responsible, whether they are party workers or followers....no one should put such things on roads, this is my personal request," he said, adding that he has asked commissioners of the city corporations to register cases and impose heavy fines.
