Dubai Court Rejects Billionaire’s Claim of Signature-Forging Contest

Dubai court rejects billionaire’s claim of signature-forging contest

The legal drama surrounding the collapse of Indian billionaire B.R. Shetty’s health care empire, NMC, took another turn. A Dubai court ordered the 83-year-old to pay $46 million to State Bank of India, ruling that he lied under oath about personally guaranteeing a $50 million loan. In the judgment, Justice Andrew Moran called Shetty’s testimony “an incredible parade of lies,” which included a “bizarre” claim that NMC employees once held a contes…

Dubai judge says NMC's founder Shetty 'lied' under oath

‘Evidence’ BR Shetty signed guarantee Former DIFC chief is credible witness Shetty ordered to pay $46m NMC Health founder BR Shetty “lied” under oath about signing a personal guarantee for a $50 million loan, a Dubai court ruled, siding with India’s largest lender, the State Bank of India (SBI). The dispute centred on whether Shetty personally signed a 2018 guarantee for a loan extended by the bank’s Dubai branch to NMC Healthcare.  Shetty denie…

Dubai Court Hands Down Landmark Verdict Against Indian Tycoon BR Shetty

Dubai’s DIFC Court has ordered Indian businessman BR Shetty to pay around $46 million. The court found that Shetty falsely testified under oath about a personal guarantee related to a $50 million loan in 2018. Justice Andrew Moran criticized Shetty’s statements, describing them as “an incredible series of lies and contradictory claims,” supported by extensive documents and signature verifications. An interest rate of 9% annually will accrue unti…