It's called ARD Special. Built in 1953 by Robin Davies, Henri Ribordy and Chandru Arni and raced by the latter since November 1953. The car's name is an acronym from surnames of its three builders. May well be the first Indian built racing sportscar.
P.S. Modified this one to celebrate my 4000th post at AP!
Congratulations Faksta - not just for your 4000th post but also for solving this one!
SACO - you're posting some very interesting vehicles - just my type of car but there's so many that I don't know......
Anyway, keep them coming!