Bank of Baroda has responded to reports that UAE-based businessman Bavaguthu Raghuram Shetty has filed a $15 billion lawsuit against the lender and 25 other defendants in the Bombay High Court, stating that it has not yet received the legal documents and is therefore unable to comment on the allegations. In a regulatory filing dated October 14, the public sector bank said it had taken note of reports about the lawsuit, which was reportedly filed on October 13. The lender added that it would contest the matter and take all necessary measures to safeguard its interests if it receives the court papers.
\n\nThe lawsuit reportedly accuses the bank, some of its officials and other individuals of facilitating financial transactions allegedly linked to the collapse of Shetty’s business empire. The claims are yet to be established in court.
\n\nShetty, the founder of NMC Healthcare and UAE Exchange, is seeking $15 billion in damages over alleged financial irregularities, disputed banking transactions and reputational losses connected to his former business group.
\n\nAccording to the plaint, the compensation sought is divided into three parts: $5 billion for direct damages, $5 billion for consequential losses, including lost business opportunities, and another $5 billion for alleged…
Original source: https://www.timesnownews.com/business-economy
