The Supreme Court has sought a response from the Serious Fraud Investigation Office (SFIO) on Vijayraj Surana’s plea seeking relaxation of his bail conditions in a ₹10,000 crore financial fraud case. The top court had earlier granted him bail, noting that prolonged detention before trial amounts to “punishment without conviction.”
Today(on 23rd April), the Bombay High Court ruled that public sector banks do not have the authority to issue Look Out Circulars (LOCs) against citizens and foreigners based on the Central government’s office memoranda. The decision stemmed from petitions challenging LOCs for debtors wanting to travel abroad. The court quashed all LOCs issued at the banks’ request.
