UAE court orders B.R. Shetty to pay $45.99 million to SBI after finding he lied under oath
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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.
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Minister Patil chairs industry meetings to chart growth for key sectors in Karnataka
Bengaluru (PTI): Karnataka Minister M B Patil on Tuesday chaired meetings with industry representatives from the aerospace and defence, machine tools, auto/EV, and green energy sectors to discuss sector growth and government support measures.
The meetings were attended by leading industrialists and their representatives, with some participating virtually.
Speaking on the occasion, the minister for Large and Medium Industries said Karnataka is at the forefront of the country’s aerospace and defence sectors.
He noted that Suzuki and Toyota plan to launch aerial taxi services in Japan by 2028, with Bengaluru-based Sasmos supplying electrical equipment for the project.
Industrialists suggested introducing similar “fly-taxi” services in Karnataka through an appropriate policy, which Patil said would be examined seriously.
The minister highlighted the need to establish testing centres and Common Facility Centres for the aerospace and defence industries and assured that these facilities would be provided.
Suggestions were also made to prepare a comprehensive roadmap for sector growth.
Karnataka has urged the Central Government to approve Defence Corridor projects in the Bengaluru North–Kolar–Chikkaballapur and Dharawada–Vijayapura–Belagavi regions.
Industrialists also suggested a corridor between Bengaluru and Mysuru, Patil said.
He said Karnataka aims to become a hub for defence electronics manufacturing, with plans to establish a 200-acre Defence Electronics Park and a 100-acre Avionics and Sensor Park.
These projects will be implemented once the Special Investment Region is operational, and land availability will not be an issue.
On the machine tools sector, Patil said the industry has recorded an annual turnover of Rs 36,500 crore and is witnessing steady growth.
Large-scale exhibitions have increased demand, and the state must strengthen its capabilities to develop control systems for heavy machinery. One testing unit is already operational in Bengaluru, with another planned for Tumakuru. Expansion of vocational training institutes in industrial areas is also underway.
In the Auto and EV sector, Vision Group members highlighted the need for a network of dry ports and more EV charging stations across the state.
Patil noted that the Tata Group is manufacturing EV buses in Dharawada for nationwide supply. Plans for mini excavator production and export facilitation were also discussed, along with the establishment of a testing facility for two-wheeler EVs.
For the Green Energy sector, the group emphasised the need for a suitable policy on battery-based energy storage and the establishment of data centres.
Patil assured that the government will seriously consider all suggestions and respond positively.
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