The High Court of Delhi has quashed Look Out Circulars issued against former directors of AAA Paper Limited at the instance of the Bank of Baroda, observing that LOCs cannot be issued on the mere request of banks and that there must be some application of mind before taking such action. The single-judge Bench of Justice Subramonium Prasad recently observed that the Court was coming across a large number of cases where banks were insisting on the opening of LOCs just as a measure to recover m...