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Finablr Founder Shetty Resigns as Indian Court Closes Net on NMC

Aug. 17, 2020, 11:15 AM

Finablr Plc co-Chairman Bavaguthu Raghuram Shetty resigned from the embattled foreign-exchange operator’s board in the wake of a corruption scandal that pushed its sister firm NMC Health Plc into administration.

The announcement of Shetty’s departure was followed by another statement on Monday that Britain’s tax authority intends to shut down Finablr’s UAE Exchange UK and Xpress Money Services. The firm plans to work with the agency to attempt to restore the registrations, Finablr said.

In a separate matter, a commercial court in the Indian city of Bengaluru has temporarily restrained Shetty from selling certain assets following a petition filed by ...