₹2,800 crore loan default: B.R. Shetty’s plea rejected

₹2,800 crore loan default: B.R. Shetty’s plea rejected

The Hindu

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 from Bengaluru airport based on the two LOCs issued by the Bank of Baroda (BOB) and the Punjab National Bank (PNB) in May and July respectively in relation to default of loans granted to companies promoted by him.
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