A Division Bench, comprising Justice Thothathil B Radhakrishnan and Justice A V Ramakrishana Pilla issued the direction on a PIL filed by two persons.
The bench clarified that proceedings to takeover land can be taken by resorting to the provisions of land conservancy act.
According to the petitioners, the company was holding large extent of land, including surplus land, spread in eight districts in the state.
The court held that if there was a violation of the provisions of FERA and FEMA, appropriate action can be taken against the company.
The Court said action shall be finalised within two months.