ORDER

Heard the counsel for the parties.

Leave granted.

2. This appeal is preferred against an interlocutory order dated 30th May, 1994 made by the Delhi High Court in Civil Writ Petition No. 2112 of 1974. By means of the impugned order the High Court has stayed the operation of clause (iii) of para 2 of the Circular dated 19.4.1994.

3. Tata Iron and Steel Company Limited was granted an advance duty free licence on the basis of its application. The grant was made on 28.4.1993. Tata Iron and Steel Company complied with all the conditions attached to the said licence and thereafter applied for endorsement of transferability. On 6.9.1993 the Director General of Foreign Trade made the endorsement of transferability. On 17.12.1993 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 11.2.1994. 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 made beyond six month