New Delhi, Nov. 4 -- The Delhi High Court has ordered suspension of the Look-Out Circular (LOC) issued against Inderpreet Singh Wadhwa, a US citizen and former Independent Director of Blu-Smart Mobility Pvt. Ltd., who is under investigation in connection with alleged large-scale financial irregularities involving Gensol Engineering Ltd.

Justice Swarna Kanta Sharma directed that the LOC be kept in abeyance during the pendency of the writ petition, subject to strict conditions, including furnishing of a Rs 25 crore security through Fixed Deposit or Bank Guarantee, and an additional surety of Rs 5 crore from a family member residing in India.

The court observed that while the authorities must continue their investigation unhindered, "the p...