JUDGMENT

Purushaindra Kumar Kaurav, J. (Oral)

1. The present petition has been filed under Article 226 of the Constitution of India, primarily seeking for a direction to the respondents to grant ex-post facto approval to the Foreign Direct Investment (hereinafter referred to as 'FDI') received by the petitioner from two foreign companies, namely, Aventia Global Limited and Onix Assets Limited (hereinafter referred to as `the foreign companies').

2. The brief facts of the case are that the petitioner is a company engaged in international trade and distribution of chemicals/petrochemicals/polymers etc. On 26.12.2009, the petitioner allotted 4,00,000 warrants to the two foreign companies for a consideration of 50 crores and the said warrants were converted into equity shares on 27.03.2010. The petitioner received disbursals from the foreign companies between 23.12.2009 to March 2010. The petitioner intimated the Reserve Bank of India (hereinafter referred to as the `RBI') about the receipt of foreign investment and was advised by RBI vide its letter dated 11.02.2010 to seek approval from the Foreign Investment Promotion Board (hereinafter referred to as `FIPB') before the issuance of