In a bid to hearing the issue of allowing Foreign Direct Investment (FDI), the Supreme Court has upheld the government policy of allowing Foreign Direct Investment (FDI) in multi-brand retail.
The Apex court has said that as a policy, it did not suffer from any constitutional or statutory infirmity.
The apex court bench headed by Justice R.M. Lodha, while dismissing the petition challenging FDI in multi-brand retail, said, "On matters affecting policy, this court does not interfere unless the policy is unconstitutional, contrary to statutory provisions, arbitrary, irrational, or in abuse of power."
Having said this, the court said the impugned policy allowing FDI in multi-brand retail did not suffer from any vires, and there was no merit in the challenge to it.
It is noted that the policy was challenged by advocate M.L. Sharma who had contended that FDI in multi-brand retail was introduced by issuing two press notes, without amending relevant provisions and rules regulating FDI in retail.
(With inputs from IANS)
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