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Industrialist Yash Birla gets Bombay HC nod to travel to UK, Egypt

The applicant (Birla) has abided by the terms and conditions imposed on him during earlier travels abroad and has his family in India, the court said

Bombay HC issues notices to Centre, Maharashtra over blocking of ITC

Press Trust of India Mumbai

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The Bombay High Court has permitted industrialist Yashovardhan Birla, who is facing several cases of fraud and money laundering, to travel to the United Kingdom and Egypt till July 1, noting that he was not a flight risk or likely to abscond.
A vacation bench of Justices Abhay Ahuja and Milind Sathaye on May 26 suspended the Look Out Circular (LOC) issued against Birla till July 1 and directed the immigration authorities to permit him to pass through immigration and board his flight.
The court, while granting Birla permission to travel only to Egypt and UK, noted that he has travelled and returned to India on many occasions and has complied with all the conditions imposed on him.
The applicant (Birla) has abided by the terms and conditions imposed on him during earlier travels abroad and has his family in India, the court said.
Prima facie, therefore, at this stage, it does not appear to us that the applicant (Birla) is a flight risk or likely to abscond or not present himself before the Authority/Investigation or the Court, the high court said in its order.
The bench said Birla shall be permitted to travel only to the UK and Egypt and he shall return to India on or before July 1. The court also accepted Birla's undertaking that his children would be staying back in India and would not be accompanying him.
The industrialist's counsel Aabad Ponda had argued that Birla was a businessman who has to travel for both expansion of his business and for leisure.
In the past, Birla was granted travel permissions and he had abided by all conditions imposed on him then and returned to India, he said.
Birla is facing cases under the Prevention of Money Laundering Act and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.
The Serious Fraud Investigating Office (SFIO) had also initiated a probe under the Companies Act against several companies owned by Birla.
The SFIO's advocate Aayush Kedia had opposed Birla's plea claiming that he was an influential person and there is a flight risk involved and hence the LOC was issued.
Kedia had argued that while Birla was cooperating with the probe initially, he is now not cooperating and hence permission should not be granted to him to leave the country.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 30 2023 | 3:31 PM IST

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