UK court orders Sudhir Ruparalia to guarantee dfcu costs

In the ongoing legal battle, dfcu, along with other defendants, sought security for its costs, arguing that CBL lacks sufficient assets to cover these expenses should the claim fail.

The High Court, however, declined to order CBL to provide security in the manner requested by dfcu and the other defendants.

Instead, the Court has directed CBL’s shareholder, Mr Sudhir Ruparelia—who is also named as a party in the claim—to give a personal undertaking to the Court.

He is also required to provide a written personal guarantee to dfcu and the other defendants, ensuring he will cover costs orders made against the Claimants if dfcu and the other defendants successfully defend the case at trial.

If dfcu prevails at trial, it will have the right to recover its legal costs from CBL and the other claimants.

Final ruling pending

Despite this development, the High Court did not make any determinations regarding the allegations levelled by CBL and its shareholders against dfcu and other parties. No court decision has yet been made on the merits of the claim.

dfcu Limited has reiterated its position that the claim is baseless and affirmed its commitment to a strong legal defence.

"dfcu has consistently maintained that the claim is without merit and continues to vigorously defend the claim," the statement read.

dfcu Pulse

The company also emphasised its adherence to global best practices and ethical standards.

"dfcu has always ascribed to ethical standards of global best practice and will continue to deliver value to its shareholders and best service to its customers," the statement added.

The announcement further reassured stakeholders of the strength of dfcu Bank, its subsidiary, noting that it remains well-capitalised and far exceeds the Central Bank’s requirements for commercial banks.