Manohar Lal Sharma vs Union Of India & Anr

The Supreme Court dismissed the writ petition challenging Press Note Nos. 4, 5, 6, 7, and 8 of 2012 regarding Foreign Direct Investment (FDI) policies, holding that the amendments made by the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2012 under Section 6(3)(b) and Section 47 of the Foreign Exchange Management Act, 1999 (FEMA) were valid and not contested. The Court found that the petitioner's arguments regarding the lack of authority and consultation for the FDI policy did not hold, as the policy aimed to benefit consumers and improve market access for producers. The petition was therefore dismissed as the challenges did not survive scrutiny.