( 1 ) ISSUE Rule. Mr. P. P. Malhotra, Additional Solicitor General appears for the respondents. With consent, this petition has been heard for final disposal.

( 2 ) DIRECTORATE of Revenue Intelligence has, in the course of an investigation initiated by it, seized three out of seven luxury cars imported by the petitioner under what is known as b Export Promotion Capital Goods schemeb ( epcg for short ). Aggrieved, the petitioner has rushed to this Court not only for release of the seized cars but also for quashing of the on going investigation. The controversy arises in the following backdrop.

( 3 ) THE petitioner-company is a service provider engaged in the business of arranging international tours and travels. Apart from being the general sale agent of 14 international airlines, the petitioner claims to be engaged in providing sales, reservation and other allied customer services to its clients.

( 4 ) IN terms of section 5 of the Foreign Trade (Development and regulation) Act, 1992, the Central Government formulates and announces the import export policy every five years. The said policies for the relevant years envisaged an EPCG Scheme, whereunder capital goods