Public sector banks don't have power to issue LOCs against defaulters: Bombay HC newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
Public Sector Banks Don't Have Power To Issue Look Out Circulars Against Defaulters: HC menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as arbitrary , the court upheld the constitutionality of the Central government s office memoranda. The ruling nullified all LOCs issued by public sector banks.