https://www.taxtmi.com/highlights?id=91984 The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda. en-us Thu, 28 Aug 2025 08:32:48 +0530 Thu, 28 Aug 2025 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91984 The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda. Highlights Companies Law Thu, 28 Aug 2025 08:32:48 +0530 https://www.taxtmi.com/highlights?id=91984