( 1 ) THIS writ petition is made by the petitioner company and one of its Directors by saying that the Circular bearing No. 23/99 dated 11th May, 1999 or Paragraph 4 of the said Circular being annexure "dd" to the petition be quashed and/or set aside. It is also prayed thereunder that DEPB (Duty Exemption Pass Book) Licences being No. 0210005970/3/06/00 being annexure 'c' to the petition be returned to the petitioner and to allow benefit of the scheme to the petitioner or its transferees. The similar benefit of DEPB Licences also claimed in respect of Nos. 121000490/3/06/00, 0210005508/3/06/00, 0210005514, 1210005642/3/06/00 being annexure 'f collectively to the petition.

( 2 ) ACCORDING to the petitioner company on 30th June, 1999 they have exported certain goods known as "steel Welding Electrodes". Consignments were provisionally assessed and "let export" orders were passed. The exports of consignments were made under Duty Exemption Pass Book (DEPB) scheme under which the petitioners are entitled to duty credit of 18 per cent of the Free on Board (FOB) value of export specially to the limitation of 50 per cent of the Present Market Value (PMV) of the goods in q