Shetty and his business empire have been embroiled in alleged financial irregularities and fraud involving billions of dollars….reports Asian Lite News
The Karnataka High Court on Wednesday rejected a petition to allow businessman BR Shetty travel to UAE, as it upheld a previous ruling in February.
Shetty and his business empire have been embroiled in alleged financial irregularities and fraud involving billions of dollars.
Shetty is the founder of troubled hospital operator NMC Health, UAE’s biggest hospital group listed in London.
It went into administration in April last year after months of turmoil over its finances and its disclosure of $6.6 billion in debt, it was reported.
“We are yet to examine the reasoned order in detail. However, there is no doubt that we will challenge it in the Supreme Court,” Shetty’s lawyer, Zulfiquar Memon, told Reuters.
Last year a consortium of Indian banks, including Bank of Baroda with $250 million in outstanding loans due from Shetty, had initiated travel restrictions on the NMC founder in an attempt to recover the debts. Several other Indian banks, including Federal Bank, have considerable exposure to Shetty-run firms.