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2015 (10) TMI 266 - HC - Companies LawValidation of Participatory Notes as ‘offshore derivative instruments’ (ODIs) - alleged statement by the Finance Minister – Petitioner contends with regard to the Participatory Notes which are nothing but ODI’s and the alleged statement made by the Finance Minister – Respondent holds that ODI’s include participatory notes which are entered into by a Foreign Portfolio Investor – Held That:- Premise on which the writ petition is found does not exist - Regulation 22 of SEBI(Foreign Portfolio Investors) Regulations,2014 prescribes the conditions for issuance of ODI’s of which, a participatory note is an example - Finance Minister has only stated that the Government would not take any ‘knee-jerk’ reaction with regard to stipulating or not stipulating any norms stricter than what are already in place - Petitioner cannot validate any cause for filing the present petition – Decided against the appellant.
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