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BOB and PNB issued LOCs in May and July 2020 as his companies owe ₹2,800 crore to them In a setback to B.R Shetty, NRI entrepreneur and promoter of UAE-based NMC Healthcare, the High Court of Karnataka has rejected his plea against the action of the Bureau of Immigration restraining him from leaving India based on the Lookout Circulars (LOCs) issued by two public sector banks to whom his companies owe around ₹2,800 crore. The immigration authorities on November 14, 2020 denied him permission to fly to Abu Dhabi in UAE from Bengaluru airport based on two LOCs issued by the Bank of Baroda (BOB) and the Punjab National Bank (PNB) in May and July respectively in relation to recovery of loans granted to companies promoted by him. ....
BR Shetty, other NMC former executives face asset freeze by court Staff Report/Dubai Photo: Reuters The court’s judgement cited a witness statement from NMC CEO that the alleged fraud was carried out by the former executives. A UK court has ordered worldwide asset freeze of NMC Health’s founder BR Shetty, former CEO Prasanth Manghat and a couple of other top former executives upon the request of Abu Dhabi Commercial Bank (ADCB). Also read: The Abu Dhabi-headquartered healthcare firm collapsed and went into administration last year after financial irregularities were discovered. Abu Dhabi Commercial Bank has the highest exposure to NMC Health and leads the negotiations and legal cases against the former management team of the company. ADCB has over Dh3.7 billion ($1 billion) exposure to NMC. In addition, a number of other local and foreign lenders have also exposure to the troubled healthcare firm. NMC has undisclosed a debt of $4 billion. ....