SURACHAN CHANSRICHAWALA Vs. U O I

JUDGEMENT

(1.) LEAVE granted.

(2.) THE appellant is the Chairman of a Non-Resident Indian Family group known as Siam Vidhya Group, purportedly engaged in the business of banking, insurance, finance and allied activities outside India.

(3.) DURING the pendency of the proceedings, upon considering the submissions made by the learned counsel appearing for the respective parties, this Court directed the Reserve Bank of India to consider the application of the appellant and to pass appropriate orders under Section 29 of the Foreign exchange Regulation Act,1973, after considering all relevant aspects of the matter. The appellant was given leave to make a comprehensive representation before the Reserve Bank of India in support of his claim. The matter was thereafter considered by the Reserve Bank of India which has submitted its Report dated 27th November,2007, which has been annexed to the application, being i. A. No. 4, which is being heard by us. From the said Report, it appears that the Reserve Bank of India has considered the application made by the appellant and has agreed to the transfer of 21,42,736 shares of the Catholic Syrian Bank Ltd. in favour of 11 persons forming the Siam Vidhya Group, subject to the following conditions: