RIDDISIDDHI BULLIONS LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) Not on Board. Mentioned. This Writ Petition was mentioned in the Morning Session by Mr. Shah. On being satisfied with the urgency, we have taken up the Petition out of turn at 3.00 p.m.

(2.) The Petitioner is a limited company and is inter alia in the business of dealing in bullion. It has, in para 1, set out as to how it is in this business and the recognition has also been given for the same.

(3.) It has been pointed out that the Foreign Trade (Development and Regulation) Act, 1992 was enacted to provide for development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for matters connected there with or incidental thereto. Our attention has been invited by Mr. Shah appearing for the Petitioner to several provisions of the Act. If the Act empowers issuance of a licence so as to facilitate the party like the Petitioner to undertake foreign trade activity, it contains provisions so that the authorities can cancel the licence and in an appropriate case, suspend it. Our attention has been invited to Section 9 of the said Act, which deals with issue of suspension and cancellation of licence. Mr. Shah also invited our attention to sub-section (4) of Section 9 and which reads as under: