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MUMBAI: Public sector banks had become judge and executioner at once in having look out circulars or LOCs issued against defaulters, said Bombay high . ....
India News: MUMBAI: Public sector banks had become judge and executioner at once in having look out circulars or LOCs issued against defaulters, said Bombay high . ....
Bombay High Court rules Centre's power for lookout circulars from public sector banks unconstitutional. Banks can't use LOCs for debt recovery. Bureau ....
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. ....
Bombay HC rules public banks can t issue LOCs against defaulters. Verdict quashes all circulars. Centre s 2018 amendment allowed banks to issue LOCs in economic interest of India , but HC deems it unconstitutional. ....