IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.1675 OF 2008 IN SUIT NO.2187 OF 2008 Nuziveedu Seeds Limited .. Plaintiffs Versus ICICI Bank Ltd. .. Defendants And The Reserve Bank of India .. Answering Respondent Mr.D.D.Madon, Sr. Counsel a/w Mr.Vivek Menon i/by Thakore Jariwala & Associates for the plaintiffs. Mr.Virag Tulzapurkar, Sr. Counsel a/w Birendra Saraf, Sachin Chandarana & Ankita Bajpai i/by M.K.Ambalal & Co for the defendants. Dr.Virendra Tulzapurkar, Sr. Counsel a/w Sunil Gangal i/by RMG Law Associates for respondent. CORAM CORAM CORAM : A.S.OKA, J. : A.S.OKA, J. : A.S.OKA, J. DATE DATE DATE : 08th December 2008. : 08th December 2008. : 08th December 2008. P.C.: . Heard the learned counsel appearing for the plaintiffs in support of the chamber summons. I have heard the learned senior counsel appearing for the defendants as well as learned senior counsel appearing for the respondent. 2 2. The plaintiff has filed the present suit against the defendants ICICI bank limited praying for following reliefs: "(a) That this Hon’ble Court may be pleased to declare the Agreement dated September 26, 2003 together with the accompanying transactions/ confirmations dated 17.7.2007 and 5.2.2008 in respect of the various foreign currency derivative transactions that tare supplemental to the said agreements dated 26,9,2007 and 5.2.2008 is illegal, bad in law, null and void and not binding upon the plaintiff and be cancelled. (b) That this Hon’ble Court be pleased to issue an order and injunction restraining the defendants from proceeding with and/or exercising any rights whatsoever in repsect of the impugned foreign exchange derivative contracts dated 29.9.2003 together with transactions/confirmations dated 17th July 2007 and 5th February 2003 allegedly entered into between the plaintiff and the defendants and from taking any action to recover any monies 3 allegedly due under the said transactions". 3. The case of the plaintiffs in short is that in view of circulars issued by the respondent-Reserve Bank of India (for short RBI) there is apprehension that defendants bank may classify the alleged derivative losses of the plaintiffs as non-performing assets. By the present chamber summons, the plaintiffs are seeking permission to implead the respondent-RBI as a party defendant. The amendment is also sought for the purposes of incorporating the challenge to the circulars issued by the respondent-RBI. The learned counsel appearing for the plaintiff submitted that as the threatened action of the defendant bank is based on the three circulars issued by the RBI, the plaintiffs will have to challenge the said circulars. He submitted that to enable the plaintiffs to challenge the circulars, the RBI will have to be impleaded as a party defendant. The learned counsel appearing for the defendants as well as the respondents have opposed the chamber summons. 4. Perusal of the plaint shows that the dispute between the plaintiffs and defendants is on account of the the foreign currency swap transaction between the 4 plaintiffs and defendants. 5. Considering the frame of the suit and prayers made therein, if the proposed amendment is allowed, the same will completely change the nature of the suit. The cause of action allegedly available to the plaintiffs to challenge the circulars issued by the RBI cannot be allowed to be joined with the cause of the action allegedly available to the plaintiffs against the defendants. The plaintiffs will have to adopt appropriate proceedings for challenging the circulars which are sought to be impugned by introducing amendment to the plaint. 6. In the circumstances, no case is made out for grant of amendment. Chamber Summons is hereby dismissed with no orders as to costs. 7. Dismissal of the Chamber Summons will not preclude the plaintiffs from taking out appropriate proceedings for challenging the circulars issued by the respondent-Reserve Bank of India and all the contentions of the parties in that behalf are expressly kept open. 8. Notice of Motion No.2513 of 2008 shall be placed 5 on board on 06th January 2009. (A.S.Oka,J)