1. The Petitioner has filed this Criminal Original Petition seeking anticipatory bail in the event of his arrest in connection with the proceedings in F.No.S.Misc.154/2010 SIIB on the file of the Respondent herein.

2. The Petitioner submits that he is the Managing Director of the Company called M/s.Jai Bhawani Steel Enterprises Limited situated at New No.91, Old No.44, II Floor, Armenion Street, Chennai 600001 and the said Company is engaged in the business activities with another Company by name M/s.SDS Steel Private Limited, which has got its manufacturing unit at New No.2/221 (Old No.4/181), GNT Road, Panchetty 601204. M/s.Jai Bhawani Steel Enterprises Limited procures scrap of different types, like HMS, LMS, MS Turning and Borings, used Tin and Can Bundles, Shredded Scrap, etc. The materials so procured are sent to the manufacturing Unit at Panchetty of M/s.SDS Steel Private Limited for conversion of the same into MS Billets.

3. According to the Petitioner, M/s.Jai Bhawani Steel Enterprises Limited stored its materials to to the tune of 29667.639 MTS at the bonded warehouse. The Company already submitted advance license to the Assistant Commissioner of Customs, Bond