SC Affirms HC Judgment: LOC Service Altered, Travel for Studies Allowed, Asset Restrictions Imposed.

The SC declined to stay the HC judgment dated 05.04.2022, except for the direction on LOC service. It mandated respondents to provide the LOC copy and reasons, granting a post-decisional opportunity. The Court stayed cost payment directions and ensured the petitioner could travel abroad for studies, requiring compliance with expunging LOC-related records. Respondent No. 1 must not dispose of assets and inform the Bureau of Immigration about travel dates. The judgment is not to be used as precedent.

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Issues:
1. Stay of judgment and order dated 05.04.2022 passed by the High Court.
2. Direction to serve copy of LOC and reasons for issuing it.
3. Stay of direction for payment of costs.
4. Precedential value of the judgment.
5. Ensuring petitioner's ability to travel abroad for studies.
6. Compliance with directions regarding expunging remarks in records/passport.
7. Undertaking by respondent No. 1 not to dispose of assets and informing Bureau of Immigration.

Analysis:
1. The Supreme Court declined to stay the judgment and order dated 05.04.2022 passed by the High Court, except for a specific direction in Paragraph 78(c) regarding the service of Look Out Circular (LOC) and providing a post decisional opportunity to the person against whom it is issued. The Court listed the special leave petitions for final disposal on 27.07.2022.

2. The Court directed respondents No. 1, 3, and 4 to serve a copy of the LOC and reasons for its issuance promptly after issuing it, and to grant a post decisional opportunity to the concerned person. The Court also stayed the direction for payment of costs until further orders and emphasized that the judgment shall not be considered as a precedent in other cases.

3. The judgment highlighted the importance of ensuring that the petitioner, a Bank, is not hindered from traveling abroad for her studies due to the LOC. It mandated compliance with the directions provided, including expunging any remarks/entries related to the LOC in the petitioner's records/passport within a week to facilitate her travel.

4. Respondent No. 1 was required to provide an undertaking to the Court not to dispose of any assets and to inform the Bureau of Immigration about the dates of departure from and entry into India. The Court's comprehensive directions aimed to safeguard the petitioner's ability to pursue her studies abroad without impediments related to the LOC.

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