The Bombay High Court on Thursday November 5, issued a notice to Bank of Baroda (BoB) over a $15 billion civil suit that BR Shetty, founder of NMC Healthcare, filed against the lender, after his lawyers sought urgent orders to preserve the bank’s records.
Senior Advocate Zal Adhyarujina and Waseem Pangarkar of MZM Legal LLP, who represented Shetty, mentioned the matter before Justice Arif Doctor and sought urgent interim relief to preserve the records that BoB held.
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The court allowed the mentioning, a procedure that lets lawyers raise an urgent matter before the court fixes a hearing and directed that the bank be served with notice.
On October 29, BoB said in a regulatory filing that it had not received the suit or the interim applications, which it said appeared to be awaiting scrutiny or registration on the court’s website.
The bank had back then alleged that someone had selectively disseminated details of the suit on the eve of its quarterly results with an improper intention and said it would take appropriate steps over the dissemination.
Shetty, who also founded UAE Exchange, named BoB and 25 other defendants in the suit and sought $15 billion in damages, according to reports.
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The claims relate to alleged financial irregularities, disputed guarantees, the diversion of funds and damage to his reputation, and the suit also reportedly contains allegations about lending decisions and the handling of transactions linked to companies associated with him.
The court has listed the matter for November 19, when it will consider Shetty’s interim relief application. The bank will receive notice of the suit as the court directed.