RBI cannot reject remittance on whimsical & arbitrary reasons

RBI Vs Jindal Steel And Power Limited (Delhi High Court) HELD THAT : Power of RBI to withhold remittance to be made under Automatic route to Wholly owned Subsidiary cannot be used to reject the remittance on whimsical and arbitrary reasons. BRIEF FACTS: 1. The present appeal has been filed by the Reserve Bank of India (being the respondent in W.P.(C) No. 3601/2020 titled Jindal Steel & Power Limited V/s Reserve Bank of India) being aggrieved by the order and judgment dated 04.12.2020. 2. The respondent (original petitioner in W.P.(C) 3601/2020,) herein namely, Jindal Steel & Power Lim...