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Money News

NMC founder BR Shetty stopped from flying to UAE by Indian immigration - source

MUMBAI (Reuters) - NMC Health founder BR Shetty was prevented from departing to the United Arab Emirates (UAE) early on Saturday by immigration officials at India’s Bengaluru airport, a source with direct knowledge of the matter said on Sunday.

Shetty had said in a statement on Saturday he planned to return to the UAE and denied reports he had fled the country after the hospital group’s implosion under a mountain of previously undisclosed debt.

Shetty’s wife was allowed to fly to Abu Dhabi, the source said.

“He was told that we have some kind of intimation that you cannot travel at this point in time,” the source said, adding Shetty was not detained.

Shetty could not be reached for comment on his cellphone. His spokesman declined to comment beyond the statement issued by Shetty on Saturday. Immigration officials in Bengaluru could not immediately be reached for a comment.

NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.

Shetty is also facing a legal challenge in India, where Bank of Baroda is suing him for backing away from an agreement it says was decided at a March meeting to give the bank 16 properties as collateral for debts and to secure additional guarantees.

Shetty has said the agreement was a “fraudulent document”, according to a statement of objection filed to an Indian court and seen by Reuters.

Reporting by Abhirup Roy in Mumbai; Writing by Saeed Azhar; Editing by William Mallard

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