2023 (3) TMI 705

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....wal Mr. Vasu Singh, Ms. Mandhira and Ms. Aakriti Vohra, Advocates. Mr. Anupam S. Sharma, SPP-CBI with Mr. Prakarsh Airan, Ms. Harpreet Kalsi, Mr. Abhishek Batra and Mr. Ripudaman Sharma, Advocates. Mr. Anupam S. Sharma, Special Counsel-ED with Mr. Prakarsh Airan, Ms. Harpreet Kalsi Mr. Abhishek Batra and Mr. Ripudaman Sharma, Advocates. JUDGMENT SATISH CHANDRA SHARMA, C.J. 1. The instant writ petition has been filed as a Public Interest Litigation (PIL) challenging the decision dated 03.04.2013 passed by the Ministry of Finance, Department of Economic Affairs, Government of India approving M/s Air Asia Investment Ltd. (a Malaysian Company) to incorporate a new Joint Venture Company with foreign equity of 49% amounting to USD 15 Mil....

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....sal in favour of Respondent No. 5; b) Issue a writ of Certiorari or any other writ or direction of similar nature to set aside and revoke any action or decision or grant of any further approvals/ permissions/ NOC/ permits, etc. by the Respondent authorities, based upon, relying upon or in furtherance of the Impugned Decision dated 03.04.2013; c) Issue a writ of Prohibition or any other writ or direction of similar nature to prohibit the Respondent authorities from taking any action contrary to the applicable FDI policy as per Press Note No. 6 of 2012 read with DGCA Guidelines dated 01.03.2013 or from granting any approval for foreign investment by a foreign airlines in a greenfield airline project; d) Issue a writ....

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....tion, there have been substantial changes in the shareholding of Air Asia (India) Pvt. Ltd. Material on record discloses that Air Asia (India) Pvt. Ltd. was incorporated as a Joint Venture between Tata Sons Ltd. and Air Asia Investment Ltd. with Tata Sons Ltd. having 50% shareholding of Air Asia (India) Pvt. Ltd. and apart from Tata Sons Ltd., the other shareholder Telestra Tradeplace Pvt. Ltd. holds remaining 50% shareholding of Air Asia (India) Pvt. Ltd. 6. It is stated that on 31.03.2014, the shareholding of Air Asia (India) Pvt. Ltd. was revised, whereafter Air Asia Investment Ltd. owned 49% of the shares, Telestra Tradeplace Pvt. Ltd. owned 21% of the shares and Tata Sons Ltd. owned 30% of the shares. 7. It is stated that as the ....