The petitioners argued that other stakeholders such as the Enforcement Directorate, Department of Economic Affairs and S.E.B.I did not see any grave threat from VCs and did not take any action.

The court ruled that each of stakeholders have a different  function to perform and are entitled to have an approach  depending upon the prism through which they are obliged to look at the issue

Ergo, it ruled that RBI can’t be faulted for being the only body to act against VC’s.

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