........ Relying on the Foreign Exchange Management Act (FEMA), notably Annexure “A” of which contains prohibition of FDI in retail trading (except single brand which was partially opened up in 2008) the petitioner has alleged that the DIPP notifications have been issued in bad faith to over-reach the RBI, or more specifically the provisions of FEMA. Fortunately, the Hon’ble Court did not stay the FDI policy. However, the Attorney General (AG) who appeared for the Union of India was directed to ensure that RBI amends the FEMA regulation. This led to considerable media speculation on the oral observations ostensibly made by the Hon’ble Judges............
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