Look Out Circulars: PSU lenders do not have the power to issue Look Out Circulars: Bombay HC

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.

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