PRIDE FORAMER Vs. COMMISSIONER OF CUSTOMS

JUDGEMENT

(1.) By this Writ Petition, the petitioner has prayed for a Writ in the nature of Mandamus directing the respondent to forthwith return the security deposit of Rs.10 crores together with interest thereon @ of 18 % per annum from the date of deposit till payment.

(2.) The petitioner is a Company engaged in the exploration and exploitation of offshore oil, gas and other related services. For the exploration and exploitation of oil, the petitioner is required to carry on drilling and other activities. On 15th May 2000, the petitioner filed a bill of entry seeking clearance of a rig "Pride Pensylvania" imported into India for carrying out a contract obtained from M/s ONGC. On 23rd May 2000, the petitioner cleared the rig on payment of duty on value of $18 millions. On 26th September 2001, the respondent seized the rig and directed the petitioner to deposit Rs.10 crores in cash and give a bond for Rs.50 crores pending investigation.

(3.) On 3rd October 2001, the petitioner filed Writ Petition No.2023 of 2001 before this Court impugning the aforestated directions of the Customs. However, this Court refused to interfere with the seizure memo and extended the time to deposit by four weeks. On 31st October 2001, the petitioner deposited Rs.10 crores and gave a bond of Rs.50 crores pending investigation.