You are here: Home » Companies » News
Business Standard

Immigration dept stops NMC founder B R Shetty from flying to UAE: Report

Shetty had said in a statement on Saturday he planned to return to UAE, denied reports he had fled India after hospital group's collapse under a mountain of previously undisclosed debt

NMC Health | Private hospitals

Reuters  |  Mumbai 

B R Shetty
B R Shetty

founder B R Shetty was prevented from departing to the United Arab Emirates (UAE) early on Saturday by immigration officials at Bengaluru airport, a source with direct knowledge of the matter said on Sunday.

Shetty had 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.

Shetty's wife was allowed to fly to Abu Dhabi, the source said.

"He was told that we have some kind of intimation that you cannot travel at this point in time," the source said, adding Shetty was not detained.

Shetty could not be reached for comment on his cellphone. His spokesman declined to comment beyond the statement issued by Shetty on Saturday. Immigration officials in Bengaluru could not immediately be reached for a comment.

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.

Shetty 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.

Shetty has said the agreement was a "fraudulent document", according to a statement of objection filed to an Indian court and seen by Reuters.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, November 15 2020. 14:25 IST