JUDGMENT :

1. Both the Writ Petitions involve the following prayer :-

“It is, therefore, humbly prayed that this Hon’ble Court may graciously be pleased to issue Rule Nisi calling upon the Opp. Parties to show cause and upon perusal of causes shown if any or upon insufficient causes shown make the said rule absolute by quashing the Look Out Circular issued against the Petitioner.

And may pass any appropriate order/orders as deemed just, fit and proper.

And may pass such other order/orders as deemed just and proper…”

2. For the grounds of challenge, even though independent persons involved but for the common nature of grounds involving both the Writ Petitions and common argument advanced by both side Counsel, on consent of the Parties, both the matters are taken up together and decided in one common judgment.

3. For substantial materials available in W.P.(C) No.9502/2022, this case is taken up as a lead case.

4. Facts, as borne in the lead case, are Petitioner No.1 is the Managing Director of M/s.Utkal Galvanizers Ltd., Petitioner No.2 is the former Director, Petitioner No.3 is one of the Directors of the Company and Petitioner No.4 is the CFO of the Company. It is necessary to bring here