'Rs3,300 crore loan', SC stays Bombay HC order permitting Ushdev chief Suman Gupta to travel abroad
Economy & Nation Exclusive
The Supreme Court on Thursday stayed the Bombay High Court order, which allowed Ushdev International Ltd (UIL) Chairperson Suman Vijay Gupta to travel abroad on an undertaking.
 
Solicitor General Tushar Mehta mentioned the matter for urgent orders before a bench headed by Chief Justice of India D.Y. Chandrachud and comprising Justice P.S. Narasimha.
 
Mehta submitted that Gupta took up the citizenship of the Dominican Republic after the declaration of her account as Non Performing Asset (NPA), and she has been permitted to travel by the orders dated March 10, and 14 of a division bench of the high court. "It has been submitted that this order was despite a contrary view which was taken on July 3, 2020 by a coordinate Division Bench of the High Court," noted the apex court.
 
Staying the high court orders, the bench said: "Pending further orders, there shall be a stay of the operation of the impugned orders dated March 10, 2023 and March 14, 2023."
 
The apex court's order came on a plea by State Bank of India against the Bombay High Court orders dated March 10 and March 14.
 
Mehta submitted that they had faced a bad experience with travelling on undertaking and added that she is a Chairperson of a company and there is a loan of over Rs 3,000 crore, which have now become nearly Rs 3,700 crores.
 
He added that SBI declared the company as a NPA and as soon it was declared NPA, she renounced Indian citizenship and took the citizenship of the Dominican Republic, a country with whom India have no extradition treaty.
 
The apex court was informed that a look-out circular was issued under the office memorandum and it was challenged before the high court.
 
After hearing submissions, the apex court issued notice on the SBI's plea and listed the plea for further hearing on March 24.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
ED Raids Premises Linked to Franklin Templeton
IANS 16 March 2023
Sources in the enforcement directorate (ED) said that they were conducting raids at the residential premises belonging to Franklin Templeton Asset Management (India) Pvt Ltd in connection with a case under the Prevention of Money...
Russian hackers hit Indian Health Ministry's website: Cyber-security firm
IANS 16 March 2023
Cyber-security researchers from CloudSEK have claimed that a Russian hacker group targeted the Indian Health Ministry website and infiltrated its Health Management Information System (HMIS).
 
The pro-Russian hacker group...
Bar Council Allows Foreign Lawyers, Law Firms To Practice in India
IANS 15 March 2023
The Bar Council of India (BCI) has agreed to permit foreign lawyers and law firms to practice in the country in a restricted and well controlled and regulated manner on the principle of reciprocity which would be mutually beneficial...
Bhopal Gas Tragedy: SC Dismisses Centre's Plea Seeking Additional Compensation of Rs 7.4K Crore
IANS 14 March 2023
The Supreme Court on Tuesday declined to entertain a curative petition filed by the Centre demanding an additional compensation of Rs7,400 crore from the successor firms of Union Carbide Corporation (UCC) for the victims of 1984...
Free Helpline
Legal Credit
Feedback