B.R. Shetty moves Bombay High Court seeking directions against Bank of Baroda in NMC Healthcare case

**Shetty Seeks Protection For $15 Billion Claim**

B.R. Shetty, founder and promoter of the collapsed UAE-based NMC Healthcare and UAE Exchange, has approached the Bombay High Court seeking safeguards for his $15 billion damages claim against Bank of Baroda. Two interim applications, filed through his constituted attorney Shishir Shetty, seek security for the claim, preservation of the bank's electronic records and documents, and related relief pending final disposal of the underlying suit.

The suit itself seeks $15 billion from all defendants, jointly and severally, with interest at 18% per annum. The amount is split into three heads of $5 billion each: direct damages for alleged fraud and negligence, consequential damages including loss of opportunity, and loss of reputation and goodwill, with the last claimed against Bank of Baroda alone.

**Three Tiers Of Interim Relief Sought**

The applications propose three alternative levels of protection while the suit is pending: security for the claim, earmarking of funds through a specific provision or non-distributable reserve, or disclosure of the claim as a contingent liability in the bank's balance sheet. Compliance affidavits and ad-interim relief on the same terms have also been sought.

The filings rely on Bank of Baroda's disclosures between May and July 2026. Mr. Shetty contends that the bank's FY26 annual report stated it had a good case in proceedings brought by the joint administrators of NMC companies before the Abu Dhabi Global Market Courts, without making a provision or disclosing a contingent liability. Within weeks, the bank agreed to settle those proceedings for about $600 million (₹5,700 crore), disclosing the settlement on July 2 under Regulation 30 of the SEBI LODR Regulations, described as being without admission of liability. The applications allege the bank's shares fell sharply afterwards and that the settlement terms remain undisclosed.

Mr. Shetty further alleges that after he relinquished co…