Udayavni Special

BR Shetty stopped from flying to UAE by Immigration dept


Team Udayavani, Nov 16, 2020, 10:54 AM IST

Bengaluru: Indian-born businessman B R Shetty, who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health was prevented from departing to the United Arab Emirates (UAE) early on Saturday, November 13 by immigration officials at Bengaluru airport.

B R Shetty said in a statement on Saturday he planned to return to the UAE and denied reports he had fled the country after the hospital group’s implosion under a mountain of previously undisclosed debt. However, his wife was allowed to fly to Abu Dhabi, the source said.

NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.

He is also facing a legal challenge in India, where Bank of Baroda is suing him for backing away from an agreement it says was decided at a March meeting to give the bank 16 properties as collateral for debts and to secure additional guarantees.

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