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2010 (5) TMI 416 - HC - Customspetitioners had been exporting their goods under the Quota Policy 2000-04 and had been allotted quotas in respect of Group-I and Group-II textiles - petitioners by forging various export documents, used the quota allotted to them in Group-I to actually export goods falling under Group-II in the open market to the other exporters from time to time - according to the respondents, the actions of the petitioners in forging Group-I quotas to export Group-II quotas resulted in the complete quota for total exports from India under Group-II being used up well before the year end resulting in an embargo being imposed by the authorities - all subsequent exports of Group-II textiles to the USA were prevented - The other law abiding exporters, who had been allotted quotas under Group-TI, were thus could not export and suffered great loss as they were unable to fulfill their export contracts – by way of bank guarantee furnished in Writ Petition No. 952/2006 may be ordered to continue for a period of six months - Held that: - during the pendency of the remanded proceedings with direction to keep it alive till the adjudication is complete - absence of any financial liability as on date against the petitioners no security much less by way of bank guarantee can be ordered by this Court - absence of any financial liability against the petitioners as on date, in our considered view, no security much less by way of bank guarantee can be ordered.
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