Indian Entrepreneur Ordered To Pay $131 Million To Barclays

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Bababhaguthu Raghuram Shetty is facing several frozen orders including India.

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Barclays Plc has won a legal battle against the founder of the troubled NMC Health Plc to enforce a $ 131 million reward.

The lender returned to a London court after a Dubai judge ordered Babaghuthu Raghuram Sethi to pay his foreign exchange trading fees after failing to fulfill a transaction agreement with Barclays in 2020.

Shetty’s lawyers said in a December hearing in the UK that he was “financially paralyzed” and asked for the case to be adjourned so that he could get proper legal representation. A London judge on Monday dismissed the appeal.

Sethi, 79, is facing a number of frozen orders in India, including where he is currently being held, his lawyers said. As part of the lawsuit, Barclays has received a global injunction against Shetty, including against a London property.

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A lawyer for Shetty said he would appeal the ruling. Barclays did not immediately respond to a request for comment.

This is not the only legal battle between Indian entrepreneurs. He filed a lawsuit against Ernst & Young in New York last year for auditing his NMC Health job, seeking 7 billion. NMC Health was placed in the administration in 2020 amid allegations of fraud against healthcare providers.

Barclays’ legal action against Shetty is not related to NMC health.

(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)

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