ASHA JOHN DIVIANATHAN vs VIKRAM MALHOTRA .

The Supreme Court addressed the validity of a property transaction under Section 31 of the Foreign Exchange Regulation Act, 1973, which requires prior permission from the Reserve Bank of India for certain transactions. The court concluded that the gift deed executed without such permission was void, and clarified that the void nature of the transaction could only be invoked by the authorities, not by private parties. Consequently, the appeal was dismissed, affirming the lower court's ruling on the matter.