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2020 (2) TMI 1063 - HC - Money LaunderingPreventing the petition from travelling abroad - Look Out Circular (LOC) having been issued against the petitioner - allegation 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 - Prevention of Money Laundering Act - HELD THAT:- A bare perusal of the contract of employment of the petitioner, annexed as annexure P2 at page 29, shows that the outer limit within which the petitioner has to returned in India is 5 months from the commencement of the date of his voyage. As such, in the present case there is little or no scope for the petitioner to remain out of India after the said period - That apart, in the present case, the travels sought by the petitioner are not even for luxury but to maintain his livelihood, since he is a sailor by occupation and in the event he does not honour the contract of employment, he may also face financial consequences for that and lose his regular income. Further, 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 prevent the petitioner from travelling abroad - The financial default which has been alleged by the Bank, ipso facto, is not a good ground for issuance of look out notice or at least preventing the petitioner from leaving the country. Since the Bank has already taken steps as per the appropriate law governing such loans and defaults relating thereto and already an existing attachment order is there, such order operates as sufficient security for the Bank for the time being. Moreover, although by virtue of the current amendments to the Guidelines, offences which affect adversely THE economic interest of the country as a whole would be the closest charge which could be attracted in the present case for restraining the petitioner from his travels. Accordingly, since extensive arguments were extended at this stage of deciding interim prayers, such arguments had to be dealt with and this elaborate order had to be passed. However, the writ petition cannot be disposed of at this juncture in view of the respondents praying for opportunity to file their affidavit in opposition. Yet, subject to filing of the undertaking, the petitioner’s right to travel abroad has to be opened up - Accordingly, the respondents are directed to file their affidavit in opposition within four weeks from date.
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