NMC Healthcare founder B.R. Shetty has filed a legal petition in the Bombay High Court demanding $15 billion in security from Bank of Baroda. The claim alleges negligence and seeks a forensic audit of the bank's systems linked to the collapsed healthcare group. Investors should monitor this legal development, as it brings renewed attention to the bank’s historical exposure to the NMC Healthcare controversy.
Dr. B.R. Shetty, the founder of NMC Healthcare, has escalated his ongoing legal battle with Bank of Baroda by filing two new interim applications in the Bombay High Court. In these filings, he is asking the court to compel the lender to provide security for $15 billion in potential damages, alleging that the bank was negligent and facilitated fraudulent transactions during the NMC group's operations in the Middle East.
The core of the application centers on a demand for a comprehensive forensic audit of the bank’s internal systems. Shetty’s legal team is asking the court to appoint a commissioner to oversee forensic imaging of electronic records, particularly those related to the bank’s branches in the UAE and the broader Gulf region. The petition requests that the bank preserve all relevant data, including records from its core banking and SWIFT transaction systems, and stop any routine deletion of backups. The goal is to secure a chain of custody for internal emails and trade finance records that the petitioners claim could support their allegations regarding unauthorized transactions.
This legal action is the latest chapter in the long-running saga of the NMC Healthcare collapse, which was once a major healthcare provider in the UAE. Bank of Baroda was one of the lenders involved with the company before its financial downfall. In June 2026, the bank had already reached a $600 million settlement with the joint administrators of the NMC group, a deal that was finalized without the bank admitting to any liability.
Shetty’s new legal filing aims to challenge the transparency of that $600 million agreement. His team is pushing for the court to order the disclosure of the full terms, including board minutes and correspondence the bank may have exchanged with regulators like the Reserve Bank of India, SEBI, and the NSE regarding the settlement. By seeking this information, the petitioners hope to uncover the underlying details that informed the bank's decision to settle.
While these are allegations and claims put forward by Shetty in court, the situation is notable for investors. The development keeps the spotlight on the bank’s compliance and governance history regarding its international business. The bank is expected to present its formal response to these new demands in the coming hearings. For market observers, the key monitorable will be how the court addresses the request for a forensic audit and whether this legal dispute results in any fresh financial provisions or prolonged reputational risks for the lender.