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 Million (Rs. 80,98,27,500/- approx) and the balance 51% equity share was to be held in the ratio of 30% by M/s Tata Sons Ltd. and 21% by M/s Telestra Trade Pvt. Ltd. The relevant portion of the said decision reads as under:-

“5. The approval is for M/s Air Asia Investment Ltd., Malaysia to incorporate a new Joint Venture company with a foreign equity of 49% amounting to US $ 15 million (Rs.80,98,27,500/- approx). The balance 51% equity is held in the ratio of 30% and 21% by M/s Tata Sons Ltd. And M/s Telestra Trade place Pvt. Respectively. The consideration amount for the aforesaid investment will be paid out of the inward remittance of foreign exchange received through normal banking channels and as per RBI's Notification No. FEMA 20/200-RB dated

3.5.2000 as amended from time to time.”

2. It is