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NMC founder owes $253m to India's Bank of Baroda

NMC founder owes $253m to India's Bank of Baroda
Bengaluru's court set the next hearing on 8 June

UAE - Mubasher: The founder of the NMC Healthcare, BR Shetty, and his companies owe more than $250 million to India's Bank of Baroda, according to Reuters.

Hence, an Indian court prevented Shetty and his wife from selling some properties while it hears the case, as shown by a court document issued on 16 May.

Shetty and his wife put up guarantees to the 19.13 billion rupees ($253 million) loans, including 16 properties in several Indian cities such as Bengaluru.

Bengaluru's court set the next hearing on 8 June.

Bank of Baroda referred that Shetty is obliged to hand over the title deeds of the 16 properties and mortgages with the bank.

It is noteworthy to mention that in March, the health group disclosed its $6.6 billion debt, which is more than $2.1 billion reported in the group's account.