MISRILAL MINES PVT. LTD Vs. MMTC LTD

JUDGEMENT

(1.) The writ petitioners instituted the instant writ petition praying for the following reliefs:

(2.) Mr. Basak challenged the said procedure, inter alia, on the ground that the price fixation mechanism in the said procedure was faulty inasmuch as the price fixed was not only arbitrary but also excluded an exporter from obtaining a higher price thereto.

(3.) It was further submitted that MMTC Limited under the EXIM policy was to facilitate export and could not step into the shoes of the exporter himself by effecting export and negotiating Letter of Credit on its own name. The petitioners also challenged the imposition of conversion fee @ 3% by MMTC Ltd. which was submitted to be de hors the EXIM policy.