(1.) The petitioner carries on business in the firm name and style of "Bansi Automobiles".
(2.) The Joint Chief Controller of Imports and Exports had issued in favour of one M/s. General Spares Industries Private Ltd. an import licence bearing No. 2709065 dated 19th August 1974 for import, inter alia, of Fuel Injection Equipment as component of Internal Combustion Engine. This licence was issued to M/s. General Spares Industries Pvt. Ltd. as actual users under the Import Policy for registered exporters.
(3.) M/s. General Spares Industries Pvt. Ltd. applied to the Deputy Collector of Customs for issuing in favour of the petitioner a Letter of Authority for importing the said goods under the said Import Licence. Accordingly a Letter of Authority dated 2nd November 1974 was issued in favour of the petitioners who were accordingly authorised to act as agents of M/s. General Spares Industries Pvt. Ltd. to import the said goods and to open letter of credit and make remittances in Foreign Exchange against the said Import Licence.