Karnataka HC rejects NRI businessman B.R. Shetty’s plea against banks’ lookout circulars

Karnataka HC rejects NRI businessman B.R. Shetty’s plea against banks’ lookout circulars

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 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.
Read full story on The Hindu
Share this story on:-
More Related News
RBI Governor hospitalised in Chennai, to be discharged soon

RBI Governor Shaktikanta Das admitted to hospital for monitoring, no official information available yet.

Fitch places some Adani bonds on negative watch after U.S. bribery charges

Fitch puts Adani Group bonds on watch for downgrade after U.S. bribery charges, impacting financial stability and investments.

Google makes closing arguments in trial alleging its ad tech constitutes an illegal monopoly

Google is fighting to beat back another attack by the U.S. Department of Justice alleging monopolistic conduct in its ad tech.

Meta faces April trial in FTC case seeking to unwind Instagram merger

Meta will face trial in April over the U.S. Federal Trade Commission’s allegations that the social media platform bought Instagram and WhatsApp to crush emerging competition.

Hindustan Unilever Limited Board approves demerger of Ice Cream business into an independent listed entity

HUL shareholders to receive shares in new ice cream business entity, subject to approvals, maximizing value for all.

Vedanta to proceed with dollar bond sale in first post-Adani India credit test

Vedanta launches $500 million bond issue post-Adani crisis, with Citigroup, JPMorgan, Deutsche Bank declining to comment.

Lupin recalls over 6 lakh bottles of hypertension drug in U.S.: USFDA

USFDA reports Dr Reddy's and Lupin Pharmaceuticals recalling products in the US due to manufacturing issues.

Inoperative EPF accounts' total amount up five fold to ₹8,505 crore in six years

EPF inoperative accounts rise to ₹8,505.23 crore in 2023-24, EPFO to return funds to beneficiaries, awareness campaigns planned.

S&P cuts India's GDP growth forecast for FY26, FY27

S&P Global Ratings revises India's economic growth forecast due to high interest rates and lower fiscal impulse.

CNG price hiked by ₹2 in Mumbai, other cities; election bond-Delhi spared

Indraprastha Gas Ltd raises CNG prices in select cities, while MGL hikes rates in Mumbai post-elections.

Nine Adani group firms climb in early trade; NDTV shares goes lower by 2%

Adani group stocks surge on BSE, NSE; clarifies on Kenya deals amid bribery charges, airport project cancellation.