2018 (4) TMI 1110

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....a, Advs.for R-1 to 4 Mr. C. Mukund, Mr. M.B. Elakkunanan and Ms. Geethika Mitta, Advs. for R-5   JUDGMENT (ORAL) GITA MITTAL, ACTING CHIEF JUSTICE 1. This writ petition was filed on 28th November, 2015 complaining of violations of the provisions of Foreign Exchange Management Act, 1999 (FEMA) and the FDI Policies framed by the Department of Industrial Policy and Promotion (DIPP) (res....

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....rect the Respondents to place on record the Action Taken Report before this Hon'ble Court." 2. It appears that during the pendency of the writ petition, the Government of India has clarified the FDI Policy. In the counter affidavit which has been filed by the respondent no.2 (at page 454), it is stated that the Government of India has since put in place a strong and latest policy framework on f....

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....I regulations are covered by the penal provisions of the FEMA. Reserve Bank of India administers the FEMA and Directorate of Enforcement under the Ministry of Finance is the authority for the enforcement of FEMA. True copy of the FDI policy is annexed and marked as ANNEXURE A-1." 3. The counter affidavit filed on record would show that for violation of the declared FDI Policy, the Enforcement D....