9911796707
TMI Blog1989 (8) TMI 203X X X X Extracts X X X X X X X X Extracts X X X X ..... to permit utilisation of frozen assets by investment in petitioner s concerns and their repatriation subject to the result of the petition. 2. Non-resident Indians (NRIs) have been doing their bit by the motherland by investing in this country monies earned elsewhere. To tap this important source for improving the country s economy, the Government of India has floated various schemes. Responding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition. In this petition, petitioner claims a declaration of his being an NRI under Section 2(p)(i) of the Foreign Exchange Regulation Act, quashing of the contrary declaration and an injunction to restrain Respondents from treating his accounts as though he were ordinarily resident in this country. The petition has been admitted and interim relief freezing the assets on as is where is basis gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons: Firstly, the motion seeks a relief beyond the petition which makes it liable to dismissal in limine. Secondly, it ensures to petitioner the very relief he claims as final at an interim stage and that in contravention of the law. The objections are bereft of merit and negatived for the reasons given below. 5. The terms on which permission is sought for the utilisation of the monies have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part petitioner cannot repatriate the money until the disposal of the petition. Petitioner doesn t gain from this stalemate and the loss that he sustains is not only deprival of income that can accrue from the use of the money. Incessant inflation is eating into the real value of the frozen funds inflicting on petitioner an injury that is truly irreparable. The funds will be loaned to Supersonic a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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