UNION OF INDIA vs SHREE GANESH STEEL ROLLING MILLS

The Supreme Court upheld the Delhi High Court's interim order staying the operation of clause (iii) of the Circular dated 19.4.94, which clarified the validity of duty-free licenses. The Court found that the Director General of Foreign Trade had the authority under the Export and Import Policy to issue such clarifications, and that the interpretation of 'date of transfer' was ambiguous. The Court emphasized that the interim relief was justified given the circumstances surrounding the importation of goods by Shree Ganesh Steel Rolling Mills Limited based on the transferred license.