D. V. Sehgal, J.

1. Petitioner No.1, a Public Limited Company, is carrying on business of manufacturing and export of power cables and petitioner No.2 is its Chairman and Managing Director. The petitioner-Company is stated to be entirely dependant upon imported materials to carry on its manufacturing activities. The major items which it manufactures are PILC Cables and for this 85% of the raw materials are imported. It is a recognised Export House since 1.3.1972. In accordance with the relevant import policies from time to time, being the holder of an Export House Certificate, it was issued several R. E. P. licences including Annexures P.7 to P.14 detailed hereunder : S. Licence No. and date Value of Date of registration No. licence of contract endorsed 1. P/w/2942585 17.9.81 22,13,397 27.10.80

P/w/2942510 4.9.81 30,19,955 27.10.80

P/w/0338565 5.2.82 33,92,500 25.7.80

P/w/2942776 1.12.82 25,18,542 25.7.80

P/w/0339077 31.3.82 45,23,700 25.7.80

P/w/0338567 5.2.82 7,26,600 25.7.80

P/l/0339179 27.5.82 58,91,900 27.10.80

P/w/0338643 1.3.82 41,48,000 25.7.80

2. . In terms of the relevant import policy as in force, it appointed Letter of Authority holders to operate upon the afore