ADGM Court finds BR Shetty and Prasanth Manghat liable in NMC case
Published · Updated
What happened
The ADGM Court of First Instance ruled that B.R. Shetty and Prasanth Manghat are liable in the NMC Healthcare case and set $5.39 billion as the starting point for contribution calculations in later proceedings.
Why it matters
The ruling moves a long-running UAE corporate fraud case from allegation to a court finding on liability, with a further hearing still to determine financial consequences and possible enforcement steps.
The Abu Dhabi Global Market Court of First Instance issued a judgment on November 5, reported on November 8, finding NMC Healthcare founder B.R. Shetty and former chief executive Prasanth Manghat liable for fraudulent and wrongful trading. The court identified $5.39 billion as the starting point for contribution calculations, leaving the size of financial liability to later proceedings. Because a further hearing is still ahead, the case remains active and could move from civil findings toward larger recovery, enforcement, and reputational consequences.
Watch for
ADGM Courts cause-list update naming the next NMC contribution-calculation hearing date by 2026-11-11 ADGM Court filing or order on asset disclosure, freezing, or enforcement measures against B.R. Shetty or Prasanth Manghat by 2026-11-11 NMC Healthcare administrators or court-appointed representatives filing a quantified recovery submission in the ADGM case by 2026-11-11 Abu Dhabi Global Market public statement clarifying enforcement or appeals posture after the November 8 reporting window by 2026-11-11
Sources
- Abu Dhabi court finds BR Shetty liable in NMC case involving $5.39bn · thenationalnews.com
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