https://www.taxtmi.com/caselaws?id=442740 The Court quashed the Look Out Circular (LOC) against the Petitioner, ruling it unsustainable due to lack of justification and substantial evidence. The Petitioner's role in the company, limited to a specific business segment before resignation, did not warrant the LOC issued by the Bank of Baroda. The Forensic Audit Report revealed irregularities post-resignation, and the Court emphasized the necessity of meeting specific conditions for issuing LOCs, which were not fulfilled in this case. Consequently, the LOC was deemed unjustified, leading to its quashing and allowing the writ petition. en-us Thu, 17 Aug 2023 00:00:00 +0530 Sat, 09 Sep 2023 09:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442740 The Court quashed the Look Out Circular (LOC) against the Petitioner, ruling it unsustainable due to lack of justification and substantial evidence. The Petitioner's role in the company, limited to a specific business segment before resignation, did not warrant the LOC issued by the Bank of Baroda. The Forensic Audit Report revealed irregularities post-resignation, and the Court emphasized the necessity of meeting specific conditions for issuing LOCs, which were not fulfilled in this case. Consequently, the LOC was deemed unjustified, leading to its quashing and allowing the writ petition. Case-Laws Companies Law Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442740