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2021 (4) TMI 750 - HC - Companies LawSeeking permission for travelling abroad - Validity of Look Out Circular (LOC) issued against him by Respondent Nos 3 and 4 i.e., the Ministry of Corporate Affairs (MCA) and the Serious Fraud Investigation Office (SFIO) - case of Respondents is that the Petitioner is guilty of conniving and conspiring with the Promoters of M/s Techpro Systems Limited - HELD THAT:- 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 public interest’ cannot be expanded in a manner so as to include an Independent Director who was in the past associated with the company being investigated, without any specific role being attributed to him, as in the present case. The Petitioner poses no flight risk given the fact that his wife and children are residents of Delhi/NCR. This Court is inclined to suspend the operation of the LOC, subject to the conditions imposed. The Petitioner shall present himself in the Indian Embassy in Oman on the 1st and 3rd Monday of every month - The Petitioner shall file an undertaking in this Court, which would be supported with an undertaking by his wife, that the Petitioner would be present before the authorities upon being issued 15 days’ notice. The Petitioner’s wife shall not leave India without seeking leave from the Court - application disposed off.
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