Delhi HC refuses to suspend LOC against industrialist Atul Punj

New Delhi, Nov 24 (PTI) The Delhi High Court on Thursday refused to suspend a Look Out Circular (LOC) issued against Punj Llyod promoter Atul Punj to enable his travel abroad, saying the investigation against him under the black money law was at an initial stage.

Noting that Punj allegedly siphoned off huge amounts of money and was evading queries, while his son remained abroad and was not cooperating, the court said the discretion needed to be exercised cautiously and dismissed his petition seeking suspension of the LOC.

“Considering the fact the investigation is at initial/crucial stage and the petitioner allegedly is evading queries and has promised to give replies only on 09.12.2022 and millions have been transferred by him to foreign accounts per investigation till date, hence the discretion needs to be exercised cautiously more so when the petitioner's son has not returned to India for the last two years and is not co-operating,” said Justice Yogesh Khanna.   “Thus, considering the allegations of siphoning off huge amounts and the investigation under the Black Money (Undisclosed Foreign income and assets) and Imposition of Tax Act, 2015 being at initial stage, I am not inclined to suspend the LOC at this stage. The petition is thus dismissed,” the court said.