MANMOHAN SINGH, J.

1. By way of this order, I propose to decide the above mentioned application on behalf of the respondent Nos. 1 and 2 under Section 151 CPC for staying the order dated 18th December, 2014 in terms of undertaking given on 23rd November, 2014.

2. With a view to complying with the provisions of the FEMA, the Respondents have commissioned valuation reports from Jones Lang and LaSalle and MZSK & Associates, whose valuation reports indicate that the shares held by the Petitioner in KCMPL are valued at a maximum of approximately Rs. 43.9 crore and Rs. 35 crore, respectively. To comply with the FEMA Regulations, the Respondents ought not to make payments to the Petitioner for purchase of the shares of KCMPL, in excess of these amounts. However, the Respondents are ready and willing to provide a requisite Bank Guarantee, in accordance with any directions of this Court, with a view to establishing their bona-fides.

3. In support of contention, it is stated that the following norms have to be followed for any such transaction:

“(a) FEMA 20/2000-RB dated 3rd May 2000 [GSR 406(E), dated 3rd May 2000]

"Regulation 10: Permission of the Reserve Bank in certain cases fo