BR Shetty stopped at airport on way to UAE

KT | Bengaluru

The Daily Tribune – www.newsofbahrain.com

B R Shetty, founder and former chairman of the embattled firms NMC Health and Finablr who was making a surprise attempt to return to the UAE after eight months in India, was stopped by immigration officials at the Bengaluru airport on Saturday morning as he was about to board an Etihad flight, a Khaleej Times report claimed.

The report further confirmed that Shetty’s wife Dr. Chandrakumari Shetty was allowed to board the flight. Shetty had earlier added that he was planning to return to UAE “as promised” adding that he had complete faith in the justice system of the UAE.

It is learned that a consortium of Indian banks, including Bank of Baroda with $250 million in outstanding loans due from Shetty, had initiated travel restrictions on the NMC founder in an attempt to recover the debts. Several other Indian banks, including Federal Bank, have considerable exposure to Shetty-run firms.

An Indian court has already restricted Shetty and his wife from selling or encumbering properties that Bank of Baroda claimed are personally guaranteed as security by the businessman.

The billionaire entrepreneur, who has been away from Abu Dhabi since February, said on Saturday evening that he was trying to get the travel curbs removed and is hopeful of returning to Abu Dhabi within days “to support the UAE authorities and all relevant bodies to correct any injustice done to the companies, their employees, shareholders, and other stakeholders and help find solutions to outstanding matters”.