NARENDRA KUMAR MAHESHWARI vs UNION OF INDIA & ORS.

The Supreme Court addressed the powers of the Controller of Capital Issues (CCI) under the Capital Issues (Control) Act, 1947, specifically Sections 2, 3, and 12, regarding the sanctioning of convertible debentures by Reliance Petrochemicals Industries Ltd. (RPL). The Court held that the CCI's guidelines and amendments, including conditions on non-transferability and prior approval from the Reserve Bank of India, were valid and enforceable. The Court ultimately upheld the CCI's decisions, allowing RPL to proceed with its debenture issuance despite challenges from various High Courts.