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New Delhi, March 14 The Delhi High Court has disposed of a plea filed by BJP leader Subramanian Swamy against the Foreign Investment Promotion Board (FIPB) clearance granted by the Centre in 2013 in favour of Malaysian company Air Asia Investment Ltd.A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad closed the proceedings while saying that there is no foreign investment as of today, and the prayers made in the writ petition have become purely academic.Swamy had also told the court that he is no longer interested in pursuing the writ petition."In view of the statement made by the petitioner appearing in person, the writ petition stands disposed of. The sealed cover reports placed before this court have been re-sealed and have been handed over to the learned Counsel for the CBI and the ED," the court said in its order.Swamy had challenged the decision of Ministry of Finance's Department of Economic Affairs) dated April 3, 2013 for approving Air Asia Investment Ltd to incorporate a new Joint Venture Company with foreign equity of 49 per cent amounting to $15 million (Rs. 80,98,27,500 approx) and the balance 51 per cent equity share was to be held in the ratio of 30 per son by M/s Tata Sons Ltd. and 21 per cent by Telestra Trade Pvt. Ltd.The petitioner had stated that the said decision is contrary to the Foreign Direct Investment Policy (FDI) Policy of the Government and also contrary to the guidelines laid down by the Ministry of Civil Aviation which does not permit foreign investment by a foreign airline and is also in the teeth of the objections by the nodal ministry.The writ petition was accompanied with an application for stay restraining respondents the Union of India, Foreign Investment Promotion Board, Ministry of Civil Aviation and Ministry of Commerce & Industry from taking any action or decision or granting any further approvals/permission/NOC/ permits etc. contrary to the FDI Policy based upon or in reliance of or in furtherance of the impugned decision dated April 3, 2013.The stay application was rejected by the court on February 11, 2014. The order was then challenged by the petitioner in which was dismissed by the apex court on April 21, 2014.The court was also apprised that there have been substantial changes in the shareholding of Air Asia.It was submitted that pursuant to the regulatory approvals of the Competition Commission of India (CCI) and the Directorate General of Civil Aviation approval, the shareholding of Air Asia (India) Pvt Ltd was revised and it became a wholly-owned subsidiary of Air India Ltd.It was also submitted that stated that the name of Air Asia (India) Pvt Ltd was changed to AIX Connect Pvt Ltd and Talace Pvt Ltd was incorporated as 100 per cent wholly owned subsidiary of Tata Sons Pvt Ltd which holds 100 per cent shares of Air India Ltd.spr/vdDisclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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