IN THE HIGH COURT OF PUNJAB AND HARYANA AT

CHANDIGARH

CWP-12712-2022 (O&M)

Reserved on:14.09.2022

Date of Decision:28.09.2022

Vikas Aggarwal and another

. . . . Petitioners

Vs.

Union of India and others

. . . . Respondents

****

CORAM: HON9BLE MR JUSTICE M.S. RAMACHANDRA RAO

HON9BLE MR JUSTICE HARKESH MANUJA

****

Present: -

Mr.Anand Chhibbar, Sr. Advocate assisted by

Mr. Nitin Kaushal, Mr. Tanuj Sud, Mr. Ajay Kumar and

Mr. Harshita Ahluwalia, Advocates,

for the petitioners.

Mr.Satya Pal Jain, Additional Solicitor General of India with

Ms.Shweta Nahata, Advocate,

for respondents No.1 & 2-UOI.

Mr.Gaurav Goel, Advocate,

for respondents No.3&4-Bank of Baroda.

Mr.D.K. Gupta, Mr.Abhay Gupta and

Mr.J. Shivam Kumar, Advocates,

for respondent No.8-State Bank of India.

****

M.S. RAMACHANDRA RAO, J.

In this Writ Petition the petitioners have challenged the Look Out

Circulars [LOC] issued and extended by respondent No.2 at the behest of

respondents No.3 to 6 & 8 preventing them for travelling abroad.

Respondent No.1 in the Writ Petition is the Ministry of Home

Affairs, Union of India; respondent No.2 is the Bureau of Immigration, New

Delhi; respondent No.3 is the Bank of Baroda, Corporate Financial Services

(Large Corporate) Branch, New Delhi; Respondent No.4 is Bank of Baroda,

Deira Branch, Dubai, UAE; respondent No.5 is Additional Director, National

VIVEK PAHWA

2022.09.29 15:24

I attest to the accuracy and

integrity of this document

CWP-12712-2022 (O&M)

2

Central Bureau (NCB) (Interpol), India; respondent No.6 is Additional

Director (Investigation), Serious Frauds Investigation Office, New Delhi;

respondent No. 7 is the Managing Director and CEO, Bank of Baroda,

Mumbai; and respondent No.8 is the Chairman, State Bank of India,

Corporate Center, Mumbai ( for short9 SBI9).

It is not in dispute that both petitioners are Directors of the

company by name M/s Asian Ispat FZ LLC ( AIF) based in UAE and the said

company had borrowed loan from the Bank of Baroda, Deira Branch, Dubai

and the SBI, Dubai, UAE. The petitioners had stood as guarantors for the said

loan.

Both of them are also Directors of company by name M/s AGR

Steel Strips (P) Ltd., India ( for short 8AGR9) and M/s Asian Colour Coated

Ispat Limited, India (for short 8ACCIL9).

As against the petitioner No.1, the LOCs had been issued as

under: -

Sr.

No.

Issued by

Date

of

Issuance

Basis of Issuance

1

MD & CEO, Bank of

Baroda/Respondent

No.3

26.08.2019

[Continued in

the year 2020

and 2021)

Promotor/guarantor of

Asian Ispat FZ LLC

(<AIF=)

2

Chairman, State Bank

of India /Respondent

No.8

18.11.2019

(Continued in

the year 2020

and 2021)

Promotor/guarantor of

AIF

3

Additional

Director,

SFIO/Respondent

No.6.

04.08.2021

Crucial role in the

running

of

Asian

Colour Coated Ispat

Limited (<ACCIL=)

4

AD Interpol, Central

Bureau

of

Investigation/

Respondent No.5

15.01.2021

Amounts owed to the

AIF, UAE.- dishonour

of cheques

VIVEK PAHWA

2022.09.29 15:24

I attest to the accuracy and

integrity of this document

CWP-12712-2022 (O&M)

3

As against petitioner No.2, the LOCs had been issued as under:-

Sr.

No.

Issued by

Date

of

Issuance

Basis of Issuance

1

MD & CEO, Bank of

Baroda/Respondent

No.3

26.08.2019

Promotor/guarantor of

AIF

2

Chairman, State Bank

of

India/Respondent

No.8

18.11.2019

(Continued in

the year 2020

and 2021)

Promotor/guarantor of

AIF

3

Additional

Director,

SFIO/Respondent

No.6.

04.08.2021

Crucial role in the

running

of

Asian

Colour Coated Ispat

Limited (<ACCIL=)

4

AD Interpol, Central

Bureau

of

Investigation/

Respondent No.5

03.04.2019

and

06.09.2021

Amounts owed to the

AIF, UAE

-

dishonour

of

cheques

AGR had borrowed loans from the Bank of Baroda and the South

Indian Bank but OTS had been sanctioned by the said Banks to the said

co