K’taka HC bars BR Shetty, wife from disposing off movable assets

Bengaluru: The Karnataka High Court on Monday granted a temporary injunction barring Udupi-born, UAE-based entrepreneur BR Shetty and his wife from selling their movable assets such as shares, mutual funds and other bank deposits.

The injunction order was passed by a Division Bench of Chief Justice Abhay Oka and Justice Sachin Shankar while hearing an appeal filed by the Bank of Baroda (BoB).

BoB had filed the appeal against the August 2020 order by the Commercial Court which granted the couple temporary injunction only on the sale of their immovable properties.

The Commercial Court had granted the injunction stating that the bank had not submitted details relating to the movable assets held by Shetty and his wife.

The bench said this was not right and also dismissed an appeal filed by Shetty and his wife to quash the Commercial Court’s injunction.

Shetty and his various companies had taken a loan of about Rs1,912 crore from BoB.