bubbette, sam_c, I think you are not correctly reading the wording of the act.
In other words, the non-loss of citizenship is temporary, i.e. only until the govt. accepts or rejects the OIC registration.
bubbette said:"Provided further that after the commencement of the Citizenship
(Amendment) Act, 2003, any citizen of India who voluntarily acquires the
citizenship of a specified country shall not cease to be a citizen of India, if within six months thereof he makes an application for registration as an overseas citizen of India under sub-section (1) of section 7A, until such application is disposed of by the Central Government."
In other words, the non-loss of citizenship is temporary, i.e. only until the govt. accepts or rejects the OIC registration.