Overview
- A bench of Justices Ajey S. Gadkari and R. R. Bhonsale orally required a full Rs 60 crore deposit or a continuous bank guarantee from a nationalised bank before considering travel permission.
- The court declined partial security or surety and said it would consider suspending the LOC only after full security is furnished.
- Senior advocate Aabad Ponda argued there is no legal basis to demand the entire amount and will return next week with instructions on arranging a bank guarantee.
- The LOC arises from an Economic Offences Wing investigation triggered by businessman Deepak Kothari’s complaint that about Rs 60.48 crore invested in Best Deal TV was lost or misused.
- Shetty and Kundra deny criminality, call the case malicious, and point to NCLT liquidation proceedings related to the company.