Interim stay on quashing of Look Out Circular granted after prima facie case, balance of convenience, and irreparable harm analysis.

Interim stay was granted against the judgment quashing the Look Out Circular. The Court noted the appellant's reliance on pending investigations, search material, proposed tax additions, and the claimed risk to the country's economic interests, and found a prima facie case in the appellant's favour. It also held that the balance of convenience supported preserving the impugned order from immediate operation, since refusal of stay would cause irreparable loss to the appellant. The respondents' objection to stay was not accepted on the material then before the Court.

---

---

Issues: Whether interim stay of the impugned judgment quashing the Look Out Circular should be granted.

Analysis: The appellant challenged the order quashing the Look Out Circular and relied on pending investigations, search material, proposed tax additions, and the asserted risk to the economic interests of the country. The respondents opposed the stay and maintained that the Circular had been correctly quashed. On the material placed before it, the Court found a prima facie case in favour of the appellant and held that the balance of convenience also favoured protection of the impugned order from immediate operation, as refusal to stay would cause irreparable loss to the appellant.

Conclusion: Interim stay of the impugned judgment was granted in favour of the appellant.

---