Look-Out Circular (LoC)- Law, Rules And Cases

An outline of Look out Circular against the maverick investor

Recently, the former Bharatpe MD Ashneer Grover and his wife Madhuri, the former Head of Controls at Bharatpe were granted permission to travel to the United States¹ during the pendency of criminal case regarding misappropriation of funds of Resilient Innovations Private Limited's (RIPL)², the company that controls Bharatpe. Earlier, the couple had approached the Hon'ble Delhi High Court to suspend the operation of the Look-out Circular (LoC) active against them since November 2023. It is interesting to note that their petition to quash the FIR is also pending with the Delhi High Court.

Ever since the criminal complaint filed against the couple by Bharatpe, alleging financial irregularities and criminal activities such as criminal breach of trust, fraud, cheating, embezzlement; the couple's movement had been restricted due to the risk of them fleeing the country.