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.
Mudigere: 22-yr-old youngster hangs herself to death after father scolds her for not making curry
Mudigere: A 22-year-old young woman, Soujanya Poojary, who was upset over an apparently trivial issue, has allegedly committed suicide by hanging herself at home in Devavrinda village of the taluk on Saturday evening.
On Saturday morning, Soujanya’s father Natesh Poojary handed her vegetables, instructed her to prepare curry using them and went out. When he returned home in the afternoon, however, he found that his daughter had not prepared the curry and scolded her. He also told her to get curry from a neighbour’s house and again went out.
Soujanya, after being treated harshly by her father, reportedly closed the door of the house and hanged herself to death inside.
Gonibeedu Police officers, who were informed of her death, have registered a case and are investigating.
(Assistance for overcoming suicidal thoughts is available on the state’s health helpline 104, Tele-MANAS 14416.)
