HC quashes LOC against wife of former Pancard Clubs CMD

The Bombay high court on Wednesday quashed a look out circular (LOC) issued against Vidyaa Moravekar, wife of former chairman and managing director of Pancard Clubs Ltd, Sudhir Moravekar, on account of procedural flaws

MUMBAI: The Bombay high court on Wednesday quashed a look out circular (LOC) issued against Vidyaa Moravekar, wife of former chairman and managing director of Pancard Clubs Ltd, Sudhir Moravekar, on account of procedural flaws.

HC quashes LOC against wife of former Pancard Clubs CMD

Vidyaa Sudhir Moravekar, 67, was arraigned as an accused in the matter pertaining to the affairs of Pancard Clubs Ltd, which allegedly failed to refund around ₹7,035 crore mobilised from over 51.55 lakh investors between 2002-03 and 2013-14, through its various holiday schemes.

Moravekar submitted that since the charge-sheet was filed by the Serious Fraud Investigation Office (SFIO) in February 2024 and the court took cognisance of it in September 2024, the question of keeping the LOC pending does not arise.

The court found lapses in the proforma of the LOC, as the reasons given for issuing the circular were not mentioned.

Noting Moravekar’s compliance during the investigation, a division bench, led by justices Revati Mohite Dere and Advait M. Sethna, declared the LOC unnecessary. The court underscored the anticipatory bail granted to Moravekar, which defeats the purpose of issuing the LOC - to avoid likelihood of absconding. Considering, also, Moravekar’s established roots in society, the court quashed the LOC.