Bank of Baroda on Wednesday said it would firmly defend itself against a suit filed by NMC founder BR Shetty in the Bombay High Court, seeking $15 billion in damages over alleged fraud involving group companies. Statement said, “If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests”.
The public sector lender said it had not been served with the suit and could not comment on the contents of pleadings that had not been tested in court.
In a statement, Bank of Baroda said the matters described in media reports were also the subject of proceedings before the Abu Dhabi Global Market (ADGM) Court, where judgment was reserved against Shetty and former NMC Healthcare CEO Prashant Manghat in proceedings concerning allegations of fraud, wrongful trading and fraudulent trading.
The bank said the ADGM proceedings against it had been discontinued following a settlement with the joint administrators of NMC Group.
Bank of Baroda said it was separately pursuing recovery and enforcement proceedings in India and the UAE against Shetty for outstanding dues. Bank said, “The Bank is itself pursuing recovery and enforcement proceedings in India and UAE against Dr. Shetty for outstanding dues of approximately INR 2,800 crore and has obtained several decrees against him”.