6 hours ago
The Bombay High Court has directed actor Shilpa Shetty and her husband, businessman Raj Kundra, to deposit Rs 60 crore or provide a continuous bank guarantee from a nationalised bank before it will consider lifting a Lookout Circular (LOC) restricting their foreign travel. This order came during a hearing on their urgent plea to visit London for Kundra's ailing father, who is undergoing serious medical treatment. The bench of Justices AS Gadkari and RR Bhonsale emphasised the need to demonstrate bona fides amid doubts about their return to India.
Bombay HC asks Shilpa Shetty, Raj Kundra to deposit Rs 60 crores for travel, and LOC relief
The LOC stems from a Rs 60.48 crore fraud complaint filed by Deepak Kothari, Director of UY Industries Pvt Ltd, alleging the couple induced him to invest in their now-defunct Best Deal TV Pvt Ltd between 2015 and 2023. Kothari claims the funds, provided as a loan with Shetty's personal guarantee, were misused amid heavy business losses, with no recovery despite repeated demands. The Economic Offences Wing (EOW) of Mumbai Police is investigating, having issued the LOC to ensure the couple's availability.
Senior Advocate Abad Ponda, representing the couple, argued against depositing the full amount, suggesting surety or a reasonable alternative, and stressed the trip's medical urgency with a firm return commitment. The bench rejected partial measures, insisting on the entire sum via deposit or bank guarantee, and scheduled further instructions for next week. The couple denies criminality, calling the case malicious and aimed at extortion by tarnishing their reputation.
Best Deal TV, launched in 2015 with endorsements from Shetty and ex-partner Akshay Kumar, collapsed after burning Rs 100 crore in 18 months, fuelling allegations of fund diversion to personal expenses or linked entities. No arrests have occurred, but prior pleas for quashing the FIR or LOC relief were denied without repayment. The case highlights rising scrutiny on celebrity-backed ventures post-demonetisation business failures.
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