WELSPUN INDIA LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) The present petition has been preferred challenging the Notification No. 8 of 2005 dated 12th June, 2006 issued by Director General of Foreign Trade and Ex,-Offico Additional Secretary to the Government of India (Annexure "A" to the memo of the petition), whereby with retrospective effect, Clause 3.7.3 of the Foreign Trade Policy, 2004-2009, has been amended, consequently, the percentage of the duty credit entitlement has been reduced.

(2.) An important issue which has arisen for adjudication of this Court is :

(3.) Learned Senior Advocate Mr. Kamal Trivedi for M/s. Trivedi and Gupta Associates for the petitioners mainly submitted that Foreign Trade Policy has been drafted in pursuance of Sec. 5 of the Foreign Trade (Development & Regulation) Act, 1992 (hereinafter referred to as "the Act, 1992"). As per this Foreign Trade Policy, "Target Plus Scheme" (T. P. S.) has been introduced under Clause 3.7 of Foreign Trade Policy with a view to accelerate growth in exports by rewarding Star Export Houses, who have achieved a quantum growth in exports.