New Delhi: The Supreme Court on Wednesday upheld the government policy of allowing Foreign Direct Investment (FDI) in multi-brand retail.

The Apex Court bench headed by Justice RM 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."

The court said the policy allowing FDI in multi-brand retail did not suffer from any vires, and there was no merit in the challenge to it. The policy was challenged by advocate ML 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.

(Agencies)

Latest News from Business News Desk