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of <h1>Delhi High Court Restricts Foreign Exchange to Sponsors in 2003 World Cup Under FEMA 1999, Pending Disqualification Outcome.</h1> The Delhi High Court, in a civil writ petition concerning the 2003 World Cup, ordered that if the Indian team faces disqualification or penalties, the Union of India and the Reserve Bank of India must ensure no foreign exchange is released to sponsors Pepsi Foods Limited, Hero Honda Motors Limited, and LG Electronics India Pvt Ltd. These companies are restrained from advertising in the World Cup matches under such circumstances. Authorized dealers are directed not to release foreign exchange to these companies without prior RBI clearance. This directive is temporary and issued under the Foreign Exchange Management Act, 1999.
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