Politics · India Bureau
BR Shetty seeks court order for Bank of Baroda to earmark Rs 1.44 lakh crore
In a significant legal development, BR Shetty has moved court seeking an order directing Bank of Baroda to set aside Rs 1.44 lakh crore as part of a $15 billion lawsuit. The bank has previously indicated it would mount a strong defence against the case.
LSN India ·
BR Shetty has escalated his legal dispute with Bank of Baroda by seeking a court order to compel the lender to earmark Rs 1.44 lakh crore in connection with a $15 billion suit. The move represents an attempt to secure financial protection before the full case is resolved.
The bank had earlier stated through official channels that it had not been formally served with the lawsuit documents. Bank of Baroda has also indicated its intention to vigorously contest the allegations and defend its position in the matter.
The dispute marks one of the larger financial cases involving a major Indian public sector bank in recent times. The specific claims underlying the $15 billion suit and the rationale for the Rs 1.44 lakh crore earmarking request remain focal points in the ongoing legal proceedings.
As the case progresses, Bank of Baroda is expected to file its formal response through legal counsel. The court's decision on the interim relief sought by Shetty could have significant implications for the bank's financial position and the broader trajectory of the litigation.
Photo: A Bank of Baroda branch in Southall, west London, October 2015. Des Blenkinsopp via Geograph and Wikimedia Commons (CC BY-SA 2.0).