April 22, 2021 court of first instance - Orders
Claim No. CFI 061/2020
IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN
BARCLAYS BANK PLC
Applicant/Claimant
and
BAVAGUTHU RAGHURAM SHETTY
Respondent/Defendant
AMENDED FREEZING INJUNCTION OF JUSTICE WAYNE MARTIN
To Bavaguthu Raghuram Shetty of BR Shetty House Taluk Office, Kinnimulky Main Road, Near Bigbazar, Udupi 576101, Karnataka, India
PENAL NOTICE
IF YOU, BAVAGUTHU RAGHURAM SHETTY, DISOBEY THIS ORDER YOU MAY BE HELD TO BE IN CONTEMPT OF COURT AND MAY BE IMPRISONED, FINED OR REFERRED TO THE ATTORNEY GENERAL OF DUBAI.
ANY OTHER PERSON WHO KNOWS OF THIS ORDER AND DOES ANYTHING WHICH HELPS OR PERMITS THE RESPONDENT TO BREACH THE TERMS OF THIS ORDER MAY ALSO BE HELD TO BE IN CONTEMPT OF COURT AND MAY BE IMPRISONED, FINED OR REFERRED TO THE ATTORNEY GENERAL OF DUBAI.
IMPORTANT:
NOTICE TO THE RESPONDENT
This Order prohibits you from doing the acts set out in this Order. You should read it all carefully. You are advised to seek legal advice as soon as possible. You have the right to ask the Court to vary or discharge this Order.
If you disobey this Order you may be found guilty of Contempt of Court.
1. THIS ORDER
1.1. This is a Freezing Order made against BAVAGUTHU RAGHURAM SHETTY (the “Respondent”) on 17 September 2020, and amended on 22 April 2021, by the Honourable Justice Martin on the application of Barclays Bank PLC (the “Applicant”). The Judge read the Affidavits listed in Schedule A and accepted the undertakings set out in Schedule B at the end of this Order.
1.2. This Amended Freezing Order has been made pursuant to the Judgment of Justice Wayne Martin in this case, issued on 22 April 2021 (“Judgment”).
1.3. Pursuant to paragraph 7 of the order in the Judgment, the Respondent has a right to apply to the Court to vary or discharge this Order.
2. WORLDWIDE FREEZING INJUNCTION
2.1. Until further order of the Court, the Respondent must not, without prior written consent of the Applicants’ solicitors:
(a) remove from the DIFC any of his assets which are in the DIFC up to the value of US$ 135,000,000; or
(b) in any way dispose of, deal with or diminish the value of any of his assets whether they are in or outside the DIFC up to the same value.
2.2. Paragraph 2.1 applies to all the Respondent’s assets whether or not they are in his own name and whether they are solely or jointly owned. For the purposes of this order the Respondent’s assets include any asset which he has the power, directly or indirectly, to dispose of or deal with as if it were his own. The Respondent is to be regarded as having such power if a third party holds or controls the asset in accordance with his direct or indirect instructions.
2.3. This prohibition includes the assets in Schedule C to this Order in particular.
2.4. If the total value free of charges or other securities (“Unencumbered Value”) of the Respondent’s assets in the DIFC exceeds US$ 135,000,000, the Respondent may remove any of those assets from the DIFC or may dispose of or deal with them so long as the total Unencumbered Value of the Respondent’s assets still in the DIFC remains above US$ 135,000,000.
2.5. If the total Unencumbered Value of the Respondent’s assets in the DIFC does not exceed US$ 135,000,000, the Respondent must not remove any of those assets from the DIFC and must not dispose of or deal with any of them. If the Respondent has other assets outside the DIFC, he may dispose of or deal with those assets outside the DIFC so long as the total Unencumbered Value of all his assets whether in or outside the DIFC remains above US$ 135,000,000.
3. EXCEPTIONS TO THIS ORDER
3.1. This order does not prohibit the Respondent from dealing with or disposing of any of his assets in the ordinary and proper course of business.
3.2. The Respondent may agree with the Applicant’s legal representatives that this order be varied but any agreement must be in writing.
3.3. The order will cease to have effect if the Respondent:
(a) provides security by paying the sum of US$ 135,000,000 into Court, to be held to the order of the Court; or
(b) makes provision for security in that sum by another method agreed with the Applicant’s legal representatives in writing.
4. VARIATION OR DISCHARGE OF THIS ORDER
4.1. Anyone served with or notified of this order may apply to the Court at any time to vary or discharge this order (or so much of it as affects that person), but they must first inform the Applicant’s legal representatives. If any evidence is to be relied upon in support of the application, the substance of it must be communicated in writing to the Applicant’s legal representatives in advance.
4.2. Pursuant to paragraph 7 of the order in the Judgment, the Respondent has a right to apply to the Court to vary or discharge this Order.
5. INTERPRETATION OF THIS ORDER
5.1. A Respondent who is an individual who is ordered not to do something must not do it himself or in any other way. He must not do it through others acting on his behalf or on his instructions or with his encouragement.
6. SERVICE ON THE RESPONDENT
6.1. Pursuant to RDC r. 9.31, the Applicant has permission to serve this Order and all other documents on the Respondent by alternative service:
(a) by sending them to his legal representative Onoma FZE Legal Consultancy at 1901, 19th Floor, Creative Tower, Fujairah Creative City, Hamad bin Mohammed Street, PO Box 4422, Fujairah, UAE and by email at carlo.onoma.ae and
(b) at the following email addresses:
6.2. Service of the Order and supporting documents will be deemed to take place at the time of service of the emails.
7. SERVICE OF THIS ORDER
7.1. The Applicant has permission to serve this Order on any third party to whom the Applicant wishes to give notice including:
(a) NMC Health LLC;
(b) Finablr PLC;
(c) BRS Capital Limited;
(d) BRS Investment Holdings Limited;
(e) BRS Investment Holdings 1 Limited;
(f) BRS Investment Holdings 2 Limited;
(g) BRS Investment Holdings 3 Limited;
(h) BRS Investment Holdings (UK) Limited;
(i) BRS Ventures and Holdings Limited;
(j) BRS Avio Pvt Ltd;
(k) UAE Exchange LLC;
(l) The London Stock Exchange;
(m) Dubai Land Department;
(n) Abu Dhabi Land Department;
(o) HM Land Registry;
(p) Bank of Baroda; and
(q) Credit Europe Bank (Dubai) Ltd.
8. PARTIES OTHER THAN THE APPLICANT AND RESPONDENT
Effect of this order
8.1. It is a contempt of court for any person notified of this order knowingly to assist in or permit a breach of this order. Any person doing so may be imprisoned, fined or have their assets seized.
Set off by banks
8.2. This injunction does not prevent any bank from exercising any right of set off it may have in respect of any facility which it gave to the respondent before it was notified of this order.
Withdrawals by the Respondent
8.3. No bank need enquire as to the application or proposed application of any money withdrawn by the Respondent if the withdrawal appears to be permitted by this order.
Persons outside the DIFC
8.4. Except as provided in paragraph 10.5 below, the terms of this order do not affect or concern anyone outside the jurisdiction of this court.
8.5. The terms of this order will affect the following persons in a country or state outside the jurisdiction of this court:
(a) the Respondent or his officer or agent appointed by power of attorney;
(b) any person who:
(i) is subject to the jurisdiction of this court;
(ii) has been given written notice of this order at his residence or place of business within the jurisdiction of this court;
(iii) is able to prevent acts or omissions outside the jurisdiction of this court which constitute or assist in a breach of the terms of this order; and
(c) any other person, only to the extent that this order is declared enforceable by or is enforced by a court in that country or state.
Assets located outside the DIFC
8.6. Nothing in this Order shall, in respect of assets located outside the DIFC, prevent any third party from complying with:
(a) what it reasonable believes to be its obligations, contractual or otherwise, under the laws and obligations of the jurisdiction in which those assets are situated or under the proper law of any contract between itself and the Respondent; and
(b) any orders of the courts of that jurisdiction, provided that reasonable notice of any application for such an order is given to the Applicant’s legal representatives.
9. NAME AND ADDRESS OF APPLICANT’S LEGAL REPRESENTATIVES
The Applicant’s legal representatives are:
Simmons & Simmons Middle East LLP10. COMMUNICATIONS WITH THE COURT
All communications with the DIFC Courts about this Order should be electronically sent to registry@difccourts.ae quoting case number CFI-061-2020.
Issued by:
Nour Hineidi
Registrar
Date of issue: 22 April 2021
At: 1.30pm
