A.P. (DIR Series) (2003-2004) Circular No. 52, dated 17-12-2003
Attention of
Authorised Dealers is invited to A.P.(DIR Series) Circular No.74 dated January
24, 2003, directing them not to release any foreign exchange to Pepsi Foods
Limited, Hero Honda Motors Limited and LG Electronics India Pvt. Ltd. in
connection with the World Cup event, without prior clearance from the Reserve
Bank of India.
2. The Hon’ble High Court of
Delhi, while disposing of the said Writ Petition vide its orders dated
October 1, 2003, has observed as under:
“Considering the submissions made at the bar, this Court is of the
opinion that essentially a writ petition was filed to ensure that the Indian
Cricket Team is able to play and it was observed too that it was in public
interest. Once they were permitted to participate in the tournament, the
petition must be disposed of having become infructuous. So far as the other prayers
are concerned, matter is in the realm of contract and it is between the parties
individually for which these petitioners are not concerned and therefore, we do
not find any reason to entertain the petition.”
3. In view of the disposal of
the writ petition by the Hon’ble High Court of Delhi vide its order
dated October 1, 2003, the A.P. (DIR Series) Circular No.74 dated January 24,
2003 is hereby withdrawn.
4. Accordingly, all Authorised
Dealers are now free to dispose of pending applications relating to the World
Cup event, subject to usual conditions.
5. Authorised Dealers may bring
the contents of this circular to the notice of their constituents concerned.
6. The directions contained in
this circular have been issued in exercise of powers conferred under section
11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).