Daijiworld Media Network - Dubai
Dubai, Feb 24: Embattled Indian entrepreneur Bavaguthu Raghuram Shetty, founder of the UAE’s largest private healthcare chain, has vowed to appeal a Dubai court’s order directing him to pay nearly Rs 1,000 cr to ICICI Bank.
The Dubai International Financial Centre (DIFC) Court ruled last Monday that Shetty must pay $106 million (around Rs 920 cr) as a personal guarantor for loans taken by his now-bankrupt company, NMC Healthcare.
“I am definitely filing an appeal against this judgment, and I’m very confident that this judgment will be overturned by the appeal court. Ultimately, truth will prevail, and I will get justice,” Shetty told Mint.
ICICI Bank had sought claims of over $125 million after NMC Healthcare and Modular Concepts defaulted on loans. However, the court dismissed claims related to Modular Concepts, while ruling in favor of the bank regarding NMC Healthcare’s loans.
Forgery claims rejected
Shetty denied signing any personal guarantees, claiming his signature was forged. However, handwriting experts from both sides confirmed the authenticity of his signatures on the loan documents.
“Looks like my signature, but maybe it’s a fake. Maybe signature expert can check… I’m sure there’s a fraud in this,” Shetty reportedly told the court.
From billionaire to bankruptcy
Born in Udupi, Karnataka, Shetty migrated to the UAE in the 1970s and built a business empire that made him a billionaire. His flagship firm, NMC Healthcare, was listed on the London Stock Exchange (LSE) in 2012, raising £117 million. In 2018, he joined Bill Gates’ Giving Pledge, committing to donating most of his wealth to philanthropy.
However, his downfall began in 2019 when American short-seller Muddy Waters accused NMC Healthcare of financial irregularities. Following deeper scrutiny, serious discrepancies emerged, leading to NMC’s insolvency in 2020. Shetty left the UAE and returned to India.
With this latest legal battle, Shetty’s troubles seem far from over as he prepares to challenge the court's ruling.