TaxTMI 
TaxTMI 
TaxTMI 
2022 (11) TMI 1158
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....n, SPP for CBI with Ms.Vedika Rattan and Ms.Neha Goel, Advocates. YOGESH KHANNA, J. 1. This petition is filed by the petitioner seeking suspension of Look Out Circular (LOC), if any, issued against the petitioner for the period between 01.11.2022 to 21.11.2022; to enable him to travel Abu Dhabi, Bahrain, Riyadh and London for his consultancy work related to his business. 2. The learned senior counsel for the petitioner submits the petitioner is unaware whether LOC is in operation against him but since he has an apprehension in the light of investigation being conducted by SFIO and/or on account of proceedings under the RBI fraud declaration circular in relation to the affairs of M/s. Punj Lloyd Limited (PLL) of which the petitioner herei....
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.... is submitted the petitioner now requires to visit Abu Dhabi, Bahrain, Riyadh and London from 01.11.2022 to 21.11.2022 and he requires suspension of LOC. He further submits even on earlier occasions he has been allowed to visit abroad by orders of the DRT. 6. The learned counsel for the SFIO on the other hand submits they are investigating the matter qua cheating by the petitioner's company of the banks to the tune of Rs.12,300 crores approx. and gave a list of 38 such banks in its status report. It is alleged the petitioner has been the Managing Director of PLL and has been in direct and indirect control of the affairs of PLL and its subsidiaries, based in India or in overseas jurisdiction and has been associated with more than 100 such l....
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....It has also come to the notice payments of huge amounts have been made to number of entities in the name of consultancy fee in overseas from PLL and its group companies and also to the promoters of PLL i.e., the petitioner and his son. Further it is stated the petitioner is associated with M/s. Cawdor Enterprises Limited registered in British Virgin Islands (BVI), which is a major shareholder of PLL whose beneficiary is the petitioner herein and he has received a huge amount as dividend from PLL. 10. Though the petitioner herein has bank account with the First Abu Dhabi Bank but he had denied having any account related to him. The investigation also reveal infusion of funds through ATM cash deposits to the tune of AED 10,461,076.77 and it ....
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....5016/10/2017-Imm (pt.) dated 05.12.2017 is as under: "In exceptional cases, LOCS can be issued even in such cases, as would not be covered by the guidelines above, whereby departure of a person from India may be declined at the request of any of the authorities mentioned in clause (b) of the above-referred OM, if it appears to such authority based on inputs received that the departure of such person is detrimental to the sovereignty or security or integrity of India or that the same is detrimental to the bilateral relations with any country or to the strategic and/or economic interest of India or is such person is allowed to leave, he may potentially indulge in an act of terrorism or offences against the State and/or such departure ought ....
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....The beneficial ownership details have been confirmed by Foreign Competent Authorities. He is also liable for consequences under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which include criminal prosecution. The offences are cognizable. 18. The Hon'ble Supreme Court in the case of Ram Jethmalani v Union of India (2011) 8 SCC 1 had taken judicial notice of the fact thousands of crores of Indian rupees are stashed away abroad in foreign bank accounts posing a serious threat to the financial health and economy of the country. 19. The factum of foreign assets of the petitioner only came to light in 2019-2020 and therefore his prior travels would make no difference to the present case as offences under t....