2020 (2) TMI 519

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.... for conducting business affairs. It is submitted that petitioner's companies have been saddled with heavy debtors who are not releasing payment to the tune of 1200 Crore. Petitioner has explored all possibilities to connect to customers/ clients as well as investors through phone/ electronic mode which have not borne the desired result. The matters in respect of overdue have to be discussed in detail with the concerned parties at Dubai viz-a-viz documents from both the sides to reconcile and settle the disputes finally. Petitioner has been requested by its local representative at Dubai office showing necessity of immediate settlement of the outstanding issues directly with the customers as well as lawyers if legal recourse is to be taken t....

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....ned department pursuant to the grant of permission to travel abroad by this court. The petitioner has no intention to settle abroad or to evade investigation and petitioner has attended the office of the respondents as and when called and has been cooperative during the entire investigation. 3. It is submitted that on account of the lookout notice/ circular issued against the petitioner, the petitioner has been unable to travel abroad for work for more than a year now since the raid was conducted by the respondent which is causing huge negative impact on the business of the petitioner. The petitioner is facing serious business threat which is causing financial crisis to the petitioner's business and petitioner is even unable to pay salar....

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....violations of provisions of the Act by incorporating a web of companies and other entities, both within and outside the country. The Group has also been obtaining large-scale credit facilities (in different names) from the banks, based upon fictitious/false transactions. In all these misdeeds Shri Piyoosh Kumar Goyal has been found as the key person controlling/directing affairs of the group within and outside India. 6. It is further submitted by Ld. Counsel that considering the facts of the case, role of Shri Piyoosh Kumar Goyal as group promoter and as main controlling person of the affairs of the Group and his conduct, Look out Circular (LoC) was issued on 11th October 2018. The petitioner has been evasive throughout the investigation....