Mumbai: On March 17, The FPJ reported that the Supreme Court stayed the Bombay High Court order allowing Suman Vijay Gupta, the Chairperson of Ushdev International Ltd, to travel abroad despite a look out circular (LOC) issued against her.
The matter was listed for urgent hearing as Ushdev allegedly owes Rs 3,300 crore to the State Bank of India, which was taken as a loan. Solicitor General of India Tushar Mehta had urged the apex court to prevent an alleged loan defaulter from leaving the country.
Mehta expressed apprehension that if allowed to travel abroad, Gupta may not return. After the loan was declared to be a non-performing asset (NPA), she renounced her citizenship of India and got the citizenship of Dominican Republic, a tax haven.
After the HC allowed her to travel abroad after giving an undertaking, Mehta raised a concern that she might become untraceable if allowed to leave India.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)