By Express News ServiceKOCHI: Kerala High Court on Wednesday dismissed as withdrawn a petition challenging the constitutional validity of the issue of Masala Bonds to overseas investors by the Kerala Infrastructure Investment Fund Board (KIIFB).
When the petition came up for hearing, the court pointed out that the investment was canvassed by the board and not the state government.
Following this, the counsel for the petitioner sought permission to withdraw the petition.
Masala Bonds were debt instrument denominated in Indian rupees but settled in foreign currency.
The petitioner pointed out that as per Article 293(1), the state was allowed to borrow money only within the territory of the country.
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