BR Shetty Search Bank of Baroda Records, Financial Security in New Apps | Today’s news
Bavaguthu Raghuram Shetty, founder of NMC Healthcare and UAE Exchange, filed two petitions in the Bombay High Court on Thursday seeking access to Bank of Baroda records and financial security for his claim for damages against the lender.
In Shetty’s first application, Shetty requested court-controlled electronic records retention and disclosure of relevant bank records, including electronic communications, transaction data, emails and records from banking and payment systems. He also asked the court to appoint a commissioner to inspect and preserve these records.
“The Judicial Commissioner would have the power to take custody of the same through forensic imaging and keep the same under seal with hash values and chain of custody,” it reads the first application Mint saw.
It argues that a court order against erasure or alteration of records may not be sufficient because electronic data can be overwritten or erased without leaving a visible trace. It says forensic copies made under court supervision would preserve evidence without disrupting the bank’s operations.
Financial protection
In the second application, Shetty sought an order directing the bank to provide the amount of the guarantee sought by him or any amount determined by the court. He stated that he wanted the bank to set aside the claimed amount in a reserve that would not be available for distribution.
He argued that the bank could later rely on the absence of a provision preventing payment of any amount awarded by the court. “The petitioner has a reasonable and serious apprehension that unless secured by the order of this Hon’ble Court, any decree passed in this suit will be satisfied on the ground that there is no provision for it,” the petition said.
In his earlier lawsuit, he alleged that the bank, despite repeated anti-money laundering (AML) warnings, ignored them and processed transactions linked to the alleged roundabout procedure and accepted guarantees with signatures he disputed.
Mint reported on 13 October that BR Shetty had filed a suit in the Bombay High Court seeking $15 billion in damages from Bank of Baroda, its officials and other defendants for their alleged role in transactions linked to the NMC fraud.
He sought $5 billion in direct, consequential and reputational damages, in addition to seeking 18% annual interest.
