TaxTMI 
TaxTMI 
2023 (3) TMI 1523
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....etition has challenged the Look Out Circular (hereinafter, 'LOC') issued against him by Respondent Nos. 3 and 4 i.e., the Ministry of Corporate Affairs (hereinafter, 'MCA') and the Serious Fraud Investigation Office (hereinafter, 'SFIO') and prays for the same to be quashed. 3. The brief background of the matter is that the Petitioner is a Chartered Accountant who was inducted in the Board of M/s Techpro Systems Limited, as a Non-Executive Independent Director, in the Annual General Meeting dated 26th September 2007. The Petitioner is working in Oman and relocated there on 24th October, 2009. He is stated to have resigned from the post of Independent Director of M/s Techpro Systems Limited on 13th January, 2015 due to his full time emplo....
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....are yet to be completed. The admitted facts, insofar as the Petitioner is concerned, are as under:- (i) The Petitioner is employed in Oman. His certificate of employment has been placed on record and he has been working there since 2009. (ii) The Petitioner's wife and children reside in Delhi NCR. (iii) The Petitioner has several immovable properties in Delhi/NCR, a list of which has been submitted to the SFIO. (iv) The Petitioner has been asked by his employer in Oman to immediately join back duty. XXX 18. There is no criminal case pending against the Petitioner. His role is also yet to be ascertained by the investigating authorities. Phrases such as 'economic interest' or 'larger publi....
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....of Immigration, modified its stand in respect of the Petitioner as under: "To, The Assistant Director/SIC Bureau of Immigration (BOI) East Block-VIII, Sector-1, RK Puram, New Delhi-110066 Subject: Renewal of existing 'Look Out Circular' (LOC) with partial modification Sir. Please refer to the earlier reference vide file no.- SFIO/INV/TSL/1304/2020 dated 20.01.2021 and email by the undersigned dated 20.01.2021 wherein Look Out Circulars (LOCs) were issued against each of the person present in the below mentioned list in order to prevent them to flee out of the country. Sr. No. Name Date of Birth Father's Name Passport No. X XXX XXX XXX....
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....reigners:- XXX (I) In cases where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country. The Originating Agency can only request that they be informed about the arrival/ departure of the subject in such cases." 9. In terms of the above extract from the Office Memorandum and in view of the SFIO's own stand, it is directed that the immigration authorities shall inform the SFIO about the entry and exit of the Petitioner from time to time. No other embargo would exist on the Petitioner for his travel from and into India. It is clarified that the Petitioner would have no obligation to inform the SFIO about his travel outside India. The....