2020 (3) TMI 671

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.... 2. The case of the petitioner in short is as follows: The petitioner is a non-resident Indian. He is a Founder-President and CEO of Coal and Oil Group, an Indian Centric Integrated Energy and Infrastructure Company. He is also the former Promoter of an entity by name M/s. Coastal Energy Pvt.Ltd., Chennai. One of the key areas in which the entity of the petitioner undertakes is power generation. For the purpose of procuring raw material in the form of coals, the trading entity imports coal from Indonesia and other countries. During 2011-12 to 2014-15, the entity of the petitioner had imported coal from Indonesia at various seaports for servicing the various power projects. In 2017, DRI had initiated the investigation against M/s.Coastal E....

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....herefore, the petitioner filed a representation on 13.12.2019 to the Director, CBI for releasing the LOC assuring that he would further co-operate with the investigation. There was no response. Hence, the petitioner moved an application against the said LOC in M.P.No.01/2020 before the concerned jurisdictional Court, namely the Special Judge (PC Act) CBI-XVI, New Delhi. The said application was ordered on 07.02.2020 allowing the petitioner to travel abroad i.e., Singapore, Korea, United Kingdom, Bangladesh and China from 10.02.2020 to 31.05.2020, by suspending the LOC till 31.05.2020, by imposing certain conditions. The petitioner having obtained the said order wanted to leave to Singapore from Delhi on 10.02.2020. To his shock and surpris....

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.... appearing for the respondents, based on instructions, submitted that investigation will go on for some more time as no specific or any particular time period can be given for its completion, as other Directors of the Company have to be examined. However, the learned counsel submitted that since the CBI Court has granted permission to the petitioner to go abroad by lifting the LOC issued by the CBI, till 31.05.2020, on the terms and conditions stipulated therein, similar order can be passed in the matter of LOC issued by the 2nd respondent as well, so that the interest of the respondents would be protected. Learned senior counsel for the petitioner readily agreed to comply with the very same conditions as imposed by the CBI Court, for lifti....

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.... 7. that in case of violation of above conditions, the FDR shall stand forfeited to the State. 6. Since the learned counsel for the respondents submitted that similar conditions can be imposed in this case also for suspending the LOC issued by the 2nd respondent till 31.05.2020, this Court is of the view that without expressing any view on the other conditions raised by both parties, this Writ Petition can be disposed of as follows: a) The LOC issued by the 2nd respondent shall remain suspended till 31.05.2020, so as to enable the petitioner to travel abroad, namely Singapore, Korea, United Kingdom, Bangladesh and China from 10.02.2020 to 31.05.2020, subject to fulfilment of the following conditions. i) The petitioner shall furnish FDR....