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DELHI HIGH COURT
JAYANT NATH
Jindal Steel & Power Limited – Appellant
Versus
Reserve Bank of India – Respondent
| Table of Content |
|---|
| 1. relief sought to approve financial commitments. (Para 1) |
| 2. petitioner's business strategy and investments in subsidiaries. (Para 2 , 4) |
| 3. overview of financial commitments approved by rbi. (Para 3 , 5) |
| 4. ongoing investigations against the petitioner. (Para 6) |
| 5. petitioner’s application and subsequent refusal by rbi. (Para 7 , 8) |
| 6. respondent's counter-affidavit and objections. (Para 9 , 10) |
| 7. petitioner's argument regarding past approvals. (Para 12) |
| 8. respondent's reliance on enforcement directorate. (Para 13 , 14 , 17) |
| 9. requirements under foreign exchange management regulations. (Para 18 , 19 , 20) |
| 10. validity of rbi's rejection of application. (Para 21 , 22) |
| 11. illegality of rbi's decision influenced by external authority. (Para 28 , 29 , 30) |
| 12. court's decision to quash rbi's refusal. (Para 35 , 36) |
| 13. final disposal of the petition. (Para 39) |
JUDGMENT
Jayant Nath, J. This writ petition is filed by the petitioner seeking the following relief:
"A. Issue a writ, order or direction including a writ in the nature of Mandamus, directing Respondent to permit Petitioner to make additional commitments and payments of USD 300 Million to its wholly owned subsidiary name
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