TMI Blog1996 (4) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... of its application. The grant was made on 28.4.93. Tata Iron and Steel Company complied with all the conditions attached to the said licence and thereafter applied for endorsement of transferability. On 6.9.93 the Director General of Foreign Trade made the endorsement of transferability. On 17.12.93 Tata Iron Steel Company transferred the licence in favour of M/s. Ferro Alloys Limited. M/s.Ferro Alloys Limited in turn transferred it to M/s.Mohan Ferro Alloys Private Limited, from whom the respondent herein (Shree Ganesh Steel Rolling Mills Limited) purchased it on 11.2.94. The respondents imported goods on the basis of the said licence. At that stage an objection was raised by the customs authorities that inasmuch as the import was ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s since been designated as the Director General of Foreign Trade). Counsel further submitted that the procedure governing the import and export is issued by the Director General of Foreign Trade under para 16 of the aforesaid Policy and, therefore, it was open to the Director General to clarify the procedure or to amend it, as may be called for. Mr.Subba Rao also contended that the High Court was in error in granting interim orders staying clause (iii) of the aforesaid circular and that too unconditionally. We are unable to agree with the learned counsel for the appellants on his first and main submission. Para 16 of the Export and Import Policy reads; The Chief Controller of Imports and Exports may, in any case or class of cases, sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dment. It in fact was done by a public notice on 28.7.94. In this case, however, the import took place before 28.7.94. In view of the said factual position, we need not go into the question whether the said amended procedure can be applied in the case of an import made on or after 28th September, 1994, though on the foot of a licence issued earlier thereto. It is equally unnecessary for us in this case to go into the question whether the six months period should be calculated from the date of first transfer or from the date of last transfer inasmuch as, in this case even if the period of six months is calculated from the date of first transfer, the import took place within the period of six months therefrom. We are however inclined to agr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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