MANOHAR LAL SHARMA vs UNION OF INDIA

The Supreme Court dismissed the writ petition challenging Press Notes Nos. 4, 5, 6, 7, and 8 of 2012, which pertained to the Foreign Direct Investment (FDI) policy in various sectors. The Court held that the petitioner failed to challenge the subsequent Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2012, thus rendering the challenge to the Press Notes without merit. The Court emphasized that the FDI policy aims to benefit consumers and improve market access for producers, thereby supporting economic growth.