Bank of Baroda says yet to receive BR Shetty's $15 billion lawsuit, vows to defend case

Bank of Baroda on Wednesday said it has not received a lawsuit reportedly filed by NMC Healthcare founder Bavaguthu Raghuram Shetty in the Bombay High Court, seeking $15 billion in damages from the lender and 25 other defendants over alleged fraud.

In a regulatory filing, the bank said it had taken note of media reports about the suit, stated to have been filed on October 13, and could not “comment on the contents of the pleadings which are untested in court.”

"If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests," it said.

Shetty, who also founded UAE Exchange, has sought $15 billion in damages, alleging that the bank and some of its officials facilitated fraud involving companies linked to his business empire and pursued him on personal guarantees that he claims were forged.

According to the plaint, the damages include $5 billion in direct losses, $5 billion in consequential damages, including lost business and investment opportunities, and another $5 billion for alleged reputational damage and loss of business standing and goodwill.

Shetty has also sought interest at 18% per annum on the claimed damages from the filing of the suit until payment.