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NMC founder BR Shetty to return to UAE after Indian court lifts travel ban

NMC founder BR Shetty to return to UAE after Indian court lifts travel ban
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Karnataka High Court says MHA Office Memoranda on Look Out Circulars invalid, banks can t use them to recover loans

Though there was no formal challenge to the OMs, the Court said that even without a formal challenge, the courts can refuse to take cognizance of such instruments when their “voidness is apparent on their face."

Purpose Of LOC Not Loan Recovery Particularly When Favourable Decree Obtained: Karnataka HC Suspends LOC Against NMC Health Founder

The Karnataka High Court on Friday suspended the Lookout Circulars (LOCs) issued by Bank of Baroda and Punjab National Bank and the endorsement issued by Bureau of Immigration against founder of NMC.

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