Business · Companies · 6 hrs ago
BR Shetty sues Bank of Baroda for $15 billion
BR Shetty has sued Bank of Baroda for $15 billion in the Bombay High Court in Mumbai.
Shetty, the founder of NMC Healthcare and UAE Exchange, accuses the Indian bank of working with former executives from his business group to divert funds.
He says this left him facing liabilities on guarantees that he did not sign.
The claim seeks $5 billion each for direct damages, consequential losses and reputational harm, and also requests interest on part of the total.
The lawsuit names the bank, current and former officers, former NMC executives, and other people and companies.
The case is linked to a dispute over NMC transactions in the UAE, where administrators accused the bank of facilitating improper dealings without proper checks.
Bank of Baroda settled that UAE case in July for $600 million paid to administrators of insolvent NMC and its affiliates.
The sources do not say what happens next in Shetty’s lawsuit.
NMC Healthcare founder BR Shetty has filed a $15 billion lawsuit against Bank of Baroda in the Bombay High Court.
Shetty accuses the bank of colluding with former executives in his business group to siphon off funds.
He says the alleged actions left him liable for guarantees he never signed.
The suit seeks $5 billion each in direct damages, consequential damages and compensation for reputational harm.
The case is linked to a UAE case that Bank of Baroda settled in July with a $600 million payment to administrators of insolvent NMC and its affiliates.
- Who
- BR Shetty, founder of NMC Healthcare and UAE Exchange, sued Bank of Baroda and other named parties.
- What
- He seeks $15 billion, alleging fraud, negligence and collusion over funds and guarantees.
- When
- The article was published on October 13, 2026; the filing date is not stated.
- Where
- The suit was filed in the Bombay High Court.
- Why
- Shetty says the bank’s actions left him liable for guarantees he never signed and harmed his reputation.
This story does not have two clearly opposing sides.
Bank of Baroda settled a UAE case by paying $600 million to administrators of insolvent NMC and its affiliates.
Economic Times reported that Shetty had filed a $15 billion suit in the Bombay High Court.
- Claim amount
- $15 billion
- Direct damages sought
- $5 billion
- Consequential damages sought
- $5 billion
- Reputational-harm compensation sought
- $5 billion
- Interest sought
- 18% on the first $10 billion
- UAE settlement
- $600 million paid by Bank of Baroda in July
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