1. If I were to import a Left Hand steering vehicle to India, will I be able to get it registered and drive without getting a challan on Indian road? 
Clause 120 of the Motor Vehicles Act (1988), India, states that "Vehicles with left hand control. – No person shall drive or cause or allow to be driven in any public place any motor vehicle with a left – hand steering control unless it is equipped with a mechanical or electrical signalling device of a prescribed nature and in working order."
Thus, it is not prohibited by law as long as we have the signalling devices in order. Also, a lone article from 2005 TOI states that the rules have been somewhat relaxed by the government in the imports of such vehicles. Not that they can be imported for public use, it merely allows comapanies to import left handed drive vehicles into India for testing and research purposes.
Also, a more 'appealing to common sense' slideshow on this same topic on WikiAnswers (link) makes a reasonable claim that the handedness of the vehicle is not mentioned in the RC or with any RTO. Many forum members who own vintage cars which are left handed say that they like it. So if you own it, then it is okay.
No conclusive evidence on ban of imports. If anyone reading this finds one, please let me know :)