Case: Ehsan Khalid Vs. Union of India Thr. Secretary &amp; Others

2. In this Writ Petition (Public Interest Litigation), the issue with regard to divestment of 10% equity of Coal India Limited (CIL) in October 2010 has been raised. It is alleged that powerful financial institutes usurped the natural resources only on payment of Rs. 15,200 Crores and caused loss to the exchequer of Rs. 1.75 Lakh Crores to the nation. According to the petitioner, the proposal of equity disinvestment was neither legal nor transparent. The existing norms and government laid down policies were flouted.3. On July 15, 2013, this Court directed the petitioner, who appearsto serve a copy of the Writ Petition along with all annexures to Mr. D.S. Mahra,to enable Mr. Siddharth Luthra, learned Additional Solicitor General, to take instructions in the matter.

Reasoning: 9. What was involved in the present case was not the sale of assets but sale of equity capital. If after following the ICDR and on taking into consideration the relevant methodologies of valuation for sale of equity capital the price band of Rs.per share was fixed, it cannot be said that the price band so fixed was unreasonable or sale of 10% equity capital by CIL was unfair. Where challenge is laid to a government policy, particularly economic policy, this Court does not interfere in such policy matter in its power of judicial review unless the impugned policy is found to be grossly arbitrary or unfair or unreasonable or irrational or violative of constitutional provisions or contrary to statutory provision.10. In view of what we have discussed above, we are satisfied that no case for interference in the policy matter in ourjurisdiction under Article 32 of the Constitution of India is made out.