ATUL PUNJ Vs. UNION OF INDIA

JUDGEMENT

(1.) The Petitioner, formerly a Promoter and Director of Punj Lloyd Limited, 'PLL' impugns the Look Out Circular 'LOC' issued against him at the behest of the Department of Revenue (Respondent No. 1) and the Serious Fraud Investigation Office 'SFIO' (Respondent No. 2). The LOC, which restricts his international travel, was initially impugned to enable a trip to the United Kingdom from 14/8/2024 to 30/8/2024 for business purposes. During the course of proceedings, the Petitioner, through additional affidavits, modified his request to travel from 5/12/2024 to 20/12/2024. Although this period too has elapsed, the Petitioner persists in seeking suspension of the LOC, emphasizing the ongoing relevance of his business commitments and asserting that the meetings can be rescheduled if relief is granted, by this Court.

(2.) The present case necessitates a careful examination of the competing interests at play: the Petitioner's fundamental right to travel abroad and the State's imperative to ensure that ongoing investigations into serious allegations of financial impropriety are not thwarted. While the Petitioner asserts that his long-standing cooperation with investigative authorities and absence of criminal antecedents negate any apprehension of flight risk, SFIO and the Income Tax Department strongly oppose the request, citing the gravity of the allegations and the potential risk of evasion.

(3.) Mr. Dayan Krishnan, Senior Counsel for the Petitioner, outlined the following facts that form the basis of the present petition: