TaxTMI 
TaxTMI 
2020 (2) TMI 1063
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....e instant writ petition. The petitioner was prevented by the immigration authorities when he sought to leave India on the ground of a Look Out Circular (LOC) having been issued against the petitioner. Although the petitioner has no direct knowledge about the LOC, the petitioner has learnt that the same was issued on the request of the respondent no. 3 Bank. Learned Counsel for the petitioner submits that there was a criminal case registered by the CBI against the petitioner, as a director of a company against which there were certain allegations of default of a loan given by the respondent no. 3 Bank. The investigation of the CBI in such matter ended in a charge sheet being filed, wherein the present petitioner was discharged on the findin....
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....ntest the case, which ex facie is sufficient to show the bona fides of the petitioner in that regard. Learned Counsel for the petitioner sites certain unreported judgments of different High Courts in support of his contention, being as follows : 1. Bank of Baroda vs. Nimish Kalyabhai Vasa, 2. Dr. Shrikant Bhasi vs. Bureau of Immigration & ors., 3. Priya Parameswaran Pillai vs. Union of India and Ors., 4. SMT. Maneka Gandhi vs. Union of India, reported in AIR 1978 (S.C) 597 Learned Counsel for the respondent no. 3 Bank submits that financial defaults are included within the purview of issuance of Look Out Circulars after the latest amendments to the concerned Guidelines. As such, preventing the petitioner from leaving the country w....
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....se his regular income. It is further seen from the above-referred order of the Division Bench of this Court that the petitioner was permitted to open a separate salary account which would be beyond the pale of the order of attachment. The said direction would be rendered meaningless in the event the petitioner is not allowed to earn such salary by travelling abroad. That apart, in view of the CBI itself having discharged the petitioner from the criminal case initiated against the petitioner along with others, and such order being affirmed in revision, there is no pending allegation of "offence" under the Indian Penal Code or any penal statue, as contemplated in the Guidelines regarding issuance of Look Out Circulars, which can prev....
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.... stability of the country or the finance market of the country or is of such a nature that the banking system of the country is under threat in the event the petitioner leaves the country. In the present case, however, no such high ground has been made out by the Bank for the respondent nos. 1 and 2 to prevent the petitioner from travelling abroad. Despite the apprehension of the bank that the petitioner would not return to India, the same could be alleviated by directing the petitioner to file an undertaking during the course of the day stating that the petitioner would return to India on or before the expiry 5 months from his commencement of travelling. Such affidavit should also disclose the contact details of the petitioner, on which he....