The Bank of Baroda has intimated the BSE and the National Stock Exchange of India, vide its letter dated July 02, 2026 bearing Reference No. BCC:ISD:118:16:323, pursuant to Regulation 30 read with Para B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that it has entered into an out-of-court settlement with the joint administrators of NMC Health PLC, NMC Healthcare Ltd, and NMC Holding Ltd. The settlement payment has been effected through Bank of Baroda’s Abu Dhabi Branch.
The litigation arose from two sets of proceedings. The first were proceedings bearing Case Nos. ADGMCFI-2022-299 and ADGMCFI-2020-020 before the Abu Dhabi Global Market Court of First Instance, wherein NMC Healthcare Ltd (in administration, subject to a deed of company arrangement), NMC Holding Ltd (in administration), and Richard Fleming and Benjamin Cairns, as joint administrators, had instituted proceedings against Dr. BR Shetty, Prasanth Manghat, and Bank of Baroda (the ADGM Proceedings). The second were proceedings bearing Case No. BL-2022-002097 before the High Court of Justice, England & Wales, wherein NMC Health PLC (in administration) and Richard Fleming, Mark Firmin, and Benjamin Cairns, as Joint Administrators of NMC Health PLC, had similarly instituted proceedings against Dr. BR Shetty, Prasanth Manghat, and Bank of Baroda (the English Proceedings).
The nature of the litigation was insolvency and civil proceedings, governed by 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 had commenced on 23rd March 2026, while the English Proceedings had been stayed pending the outcome of the ADGM Proceedings.
Pursuant to the settlement agreement, NMC Health PLC, NMC Healthcare Ltd, NMC Holding Ltd, and their respective Joint Administrators have resolved all claims between them and Bank of Baroda in consideration for, inter alia, a payment of USD 600,000,000 (United States Dollars Six Hundred Million), equivalent to approximately Rs. 5,700 crores, by Bank of Baroda. All claims and causes of action between the parties have been resolved without any admission of liability or wrongdoing by the Bank. The terms of the settlement agreement otherwise remain confidential, and the liability of the Bank in these proceedings is expressly limited to this sum.
Consequent to the settlement, the ADGM Proceedings have been discontinued, and the English Proceedings are stated to be in the process of being discontinued. Bank of Baroda has stated that the settlement has been entered into with a view to bringing the disputes to conclusion, thereby avoiding prolonged litigation, uncertainty, and associated costs. The intimation has been signed by S. Balakumar, Company Secretary, Bank of Baroda, and was digitally executed on July 02, 2026.
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