Overview
- The division bench of Justices Ajey S Gadkari and Ranjitsinha R Bhonsale orally required a Rs 60 crore deposit or a continuous bank guarantee from a nationalised bank before considering suspension of the LOC.
- The LOC stems from an Economic Offences Wing probe into a complaint by Deepak Kothari alleging roughly Rs 60.48 crore was advanced to Best Deal TV, with a claimed personal guarantee by Shilpa Shetty.
- The couple sought urgent permission to travel to London to be with Raj Kundra’s 79-year-old father under medical care, asking to travel until January 20, 2026.
- Their counsel argued there is no legal mandate to demand a full deposit for LOC relief and proposed reasonable security, but the bench rejected partial measures and questioned their bona fides.
- Counsel said he would take instructions on arranging the prescribed guarantee by next week, when the court is expected to take up the matter again.