NMC Healthcare founder BR Shetty. ARCHIVE

The Dubai International Financial Centre (DIFC) Courts has ordered NMC Healthcare founder BR Shetty to pay $46 million (Dh169 million) to the State Bank of India (SBI) after finding that he gave false testimony about signing a personal loan guarantee. Judge Andrew Moran issued the ruling on October 8, concluding that Shetty’s denial of signing the document was “false, illogical, and contradictory.” The case centered on whether Shetty personally guaranteed a $50 million loan to NMC Healthcare in December 2018. While Shetty claimed forgery, the bank’s CEO, Anantha Shenoy, testified that he witnessed Shetty sign the papers, even providing photos and a detailed meeting report. In his 70-paragraph ruling, Judge Moran wrote: “There is compelling evidence that Mr. Shetty made false statements to this court by repeatedly denying that he had signed the personal guarantee.” The court awarded SBI $45.9 million plus interest, with an additional 9 percent annual interest until full repayment. The ruling marks another chapter in the ongoing legal fallout surrounding NMC Healthcare, which collapsed in 2020 after the revelation of billions in hidden debt. ICA/Expat Media
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