Barclays wins $131 million legal spat with NMC Health founder

8 months ago 109

The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement

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Barclays

 Reuters

Photo: Reuters

Barclays won a legal fight to enforce an award of around $131 million against the founder of troubled NMC Health. The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement with Barclays in 2020.

Shetty’s lawyers said at a December hearing in the UK that he is “financially paralyzed” and asked for the suit to be adjourned so he could get proper legal representation. A London judge rejected that application on Monday. Shetty, 79, is facing a number of freezing orders, including in India where he is currently stranded, his lawyers said. As part of this case, Barclays obtained a worldwide freezing order against Shetty, including against a London property.

A lawyer for Shetty said he will appeal the judgment. Barclays didn’t respond to a request for comment. It’s not the only legal battle for the Indian entrepreneur. He filed a suit in New York last year against Ernst & Young over its auditing work for his NMC Health, in which he’s seeking $7 billion.

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First Published: Mon, January 10 2022. 23:59 IST

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