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Delhi High Court Order dated 22-1-2003 in Civil Writ Petition No: 460 of
2003 - World Cup 2003 -Remittance of Foreign Exchange
A.P.
(DIR Series) Circular No. 74 dated 24th January 2003
Attention
of the Authorised Dealers is invited to the order dated 22-1-2003 passed by the
Hon�ble Delhi High Court in Civil Writ Petition No: 460 of 2003. The operative
portion of the said Order is reproduced below:
"That
in the event of Indian Players or Indian Team being disqualified or debarred
from participating in the World Cup or not being allowed participation or any
penalty or damages is imposed upon players or the BCCI or any punitive action
being taken against the players or BCCI, Respondents No: 1 (Union of India) and
2 (Reserve Bank of India) to ensure that appropriate executive action is taken
that no foreign exchange is released and no other benefit or concession is given
to the sponsors, who admittedly are within the jurisdiction of this Court,
namely, Respondents No: 7 to 9 [Respondent No: 7 � Pepsi Foods Limited, DLF
Corporate Park, DLF, Gurgaon, Haryana, Respondent No: 8 � Hero Honda Motors
Limited, 34, Basant Lok Community Centre, Vasant Vihar, New Delhi � 110 057,
Respondent No: 9 � LG Electronics India Pvt Ltd, 221, Okhla Industrial Estate,
Phase III, New Delhi � 110020] and in that event Respondent No: 7, 8 & 9
shall stand restrained from advertising in the World Cup 2003 matches. Ordered
accordingly. We may further clarify that the view we have taken and the
directions we have made in this petition, at this stage, are prima-facie in
nature and will not prejudice either of the parties in contesting the petition
on merits".
2.
Accordingly, all Authorised Dealers are hereby directed not to
release any foreign exchange to the above mentioned respondents 7 to 9 viz., �
Pepsi Foods Limited, Hero Honda Motors Limited and LG Electronics India Pvt Ltd,
in connection with the World Cup event, without prior clearance from the
Reserve Bank of India having its Exchange Control Department at Central
Office, Mumbai or at any of its Regional Offices, until further directions to
the contrary in this behalf.
3.
The directions contained in this circular are purely temporary in nature
pursuant to the aforesaid order of the Hon�ble Delhi High Court and issued in
exercise of powers conferred under Section 11 (1) of the Foreign Exchange
Management Act, 1999 (42 of 1999).
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