DEEPAK SHENOY Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This is one more matter on the same lines as previous matters, all relating to Look Out Circulars or LOC issued at the instance of the Public Sector Banks. In previous matters, we have permitted the Petitioners to travel overseas subject to certain conditions and, in the meantime, stayed the LOCs. We propose to pass a similar order in this matter.

(2.) The Petitioner was a director of three companies, Medec Dragon Private Limited, Medec Infra Private Limited and DBS Tradelink and Advisors Private Limited. The State Bank of India or SBI is Respondent No. 1. It was one of the lenders to one Sudar Industries Limited or SIL. The Petitioner was appointed additional director of SIL in 2010. Later, he was an independent director. He resigned as such in 2012. He was an additional director of SIL from 2013 to 2014. After that, he held the position of Chief Operating Officer of SIL. However, at no time was he involved in SIL 's finances or borrowings. He signed no loan agreements. He was only in charge of production and marketing. He has never been a shareholder of SIL.

(3.) In 2017, the Petitioner took two Credit Card loans personally from SBI to the tune of Rs. 8 lakhs. These loans were fully repaid in 2021.