Former Indian Billionaire’s Gulf Dream Turns Sour

  • Date: 12-May-2020
  • Source: Forbes
  • Sector:Healthcare
  • Country:UAE
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Former Indian Billionaire’s Gulf Dream Turns Sour

More on Forbes: India's Richest 2019: Fortune Favors A Few As Growth Slows. In late March, the company admitted to having debt of $6.6 billion , more than three times the $2.1 billion it reported in June last year.. In a filing on February 18 and then again in the first week of March , the company informed the stock exchange that Shetty's advisers had disclosed that some of the pledged shares had been sold by the banks they had been pledged to and that the legal basis of those transactions was being investigated by them.. Richard Fleming, joint administrator of NMC and managing director of Alvarez & Marsal, said the company was reviewing Shetty's latest statement to the stock exchange as part of its "ongoing investigation into the affairs of NMC Health and look forward to Dr. Shetty sharing the findings of his investigation with us.". In a regulatory filing in January , Finablr said it had been informed that Shetty had pledged 392 million, or 56% of the company's shares, as security for borrowings by his holding company.. The extent to which the purported arrangements may have affected their respective