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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. ....

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