Nature of the Event
Bank of Baroda has made a disclosure pursuant to Regulation 30 read with Para B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure intimates the settlement of litigation.
Parties Involved
The settlement was entered into between Bank of Baroda and the joint administrators of the following entities:
- NMC Health PLC
- NMC Healthcare Ltd
- NMC Holding Ltd
The payment for the settlement was made by the bank's Abu Dhabi Branch.
Details of Litigation
The settlement resolves two specific legal proceedings:
1. ADGM Proceedings
- Case No.: ADGMCFI-2022-299 & ADGMCFI-2020-020
- Court: Abu Dhabi Global Market Court of First Instance
- Parties: (1) NMC Healthcare LTD (in administration), (2) NMC Holding Ltd (in administration), and (3) Richard Fleming and Benjamin Cairns v. (1) Dr BR Shetty, (2) Prasanth Manghat, and (3) Bank of Baroda
2. English Proceedings
- Case No.: BL-2022-002097
- Court: High Court of Justice, England & Wales
- Parties: (1) NMC Health PLC (in administration) and (2) Richard Fleming, Mark Firmin and Benjamin Cairns as Joint Administrators of NMC Health PLC v. (1) Dr BR Shetty (2) Prasanth Manghat and (3) Bank of Baroda
Nature of Litigation: Insolvency and Civil Proceedings
Brief Details: The case involved proceedings under ADGM and UK insolvency law, and UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd. The trial in the ADGM Proceedings commenced on 23rd March 2026. The English Proceedings were stayed to await the outcome of the ADGM Proceedings.
Details of Settlement
The parties have resolved all claims between them pursuant to a settlement agreement. The key terms are:
- Bank of Baroda made a payment of USD 600,000,000 (United States Dollars Six Hundred Million).
- This amount is approximately equivalent to ₹5,700 crores.
- The settlement was made without any admission of liability or wrongdoing by any party.
- All claims and causes of action between the parties have been resolved.
- The settlement agreement and its specific terms otherwise remain confidential.
- The liability of the bank in these proceedings is contractually limited to this settlement sum.
Status of Proceedings
- The ADGM Proceedings have been discontinued as a result of the settlement.
- The English Proceedings are in the process of being discontinued.
Stated Rationale
The settlement was undertaken to bring the disputes to a conclusion, thereby avoiding prolonged litigation, uncertainty, and associated costs for the bank.