Bank of Baroda Ltd. has told stock exchanges that it has not received the lawsuit reportedly filed by B.R. Shetty in the Bombay High Court and will defend itself if it is formally served with the case papers.
The bank said it could not respond to the allegations because it had not received the suit. It also said it would take the necessary steps to protect its interests once the legal proceedings were brought to its notice formally.
“The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court,” Bank of Baroda said in its exchange filing on Wednesday, Oct. 14.
The clarification came a day after media reports said Shetty, the founder of NMC Healthcare and UAE Exchange, had filed a case against the lender and 25 others. The suit, reportedly filed on Oct. 13, seeks $15 billion in damages over alleged financial irregularities, forged guarantees and harm to Shetty's reputation.
“If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests,” the lender said.
The bank has not addressed the specific allegations in its filing. The claims made in the lawsuit have not been established in court.
What Is The Lawsuit About?
Shetty has accused Bank of Baroda of facilitating transactions through which funds were allegedly diverted from group companies. The plaint also alleges that the lender overlooked money-laundering alerts, provided unsecured loans and did not disclose certain lending exposures to auditors.
The suit further claims that the bank relied on guarantees carrying Shetty's forged signatures. According to the plaint, he had given up control of the group companies before several of the disputed credit facilities were approved.
Shetty has also alleged that unauthorised bank staff operated his personal account and that forged documents were used to implicate him in the transactions.
The lawsuit names Bank of Baroda officers, former NMC Healthcare and UAE Exchange executives Prasanth and Promoth Manghat, their associates, and two Indian companies, Avitis Super Speciality Hospitals and SMARD Building Solutions.
According to the plaint summary dated October 2026, Shetty is seeking $5 billion each in direct and consequential damages from the defendants jointly and severally, with interest at 18% a year. He has separately claimed another $5 billion from Bank of Baroda for alleged damage to his reputation and goodwill.
READ | B.R. Shetty Files Suit Against Bank Of Baroda | Check Details Inside
NMC Settlement Reference
The plaint refers to a settlement between Bank of Baroda and the joint administrators of NMC Healthcare in June 2026. The settlement was worth about $600 million, or Rs 5,700 crore, and was disclosed on July 2, 2026, without an admission of liability, according to the plaint.
Shetty argues that the settlement concerns the same underlying transactions. He has questioned the bank's subsequent pursuit of claims against him.
The suit also seeks access to and preservation of bank records, information on funds allegedly moved through the disputed transactions, and measures to protect assets held by certain defendants in India.
Bank of Baroda's position, as stated in its Oct. 14 filing, is that it has not been served with the case and cannot comment on the pleadings at this stage. The lender has said it will defend itself if it receives the lawsuit.
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