RBI lifts forex ban on Hero Honda, Pepsi and LG Electronics
By The apex bank has said, | 18 Dec 2003
The apex bank has said, the withdrawal of the ban is in view of the disposal of a writ petition by the Delhi High Court and authorised dealers are now free to dispose of pending applications relating to the World Cup event, subject to usual conditions.
According
to an RBI circular, the Delhi High Court, while disposing
off the petition has observed, "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."
