TaxTMI 
TaxTMI 
2014 (12) TMI 194
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....f Customs, Marmagoa to the petitioner herein as also the communications dated 22.04.2014 and 12.05.2014 issued by the Respondent no.1 to the Reserve Bank of India; (b) Restrain the Respondent no.1 from taking any adverse action against the petitioner in the nature of blacklisting or otherwise as stipulated in the impugned communications dated 22.04.2014 and 12.05.2014'; (c) Restrain the Respondent no.1 from disseminating any adverse information/comments about the Petitioner to any third party/Government departments etc. as mentioned in the said impugned communications dated 22.04.2014 and 12.05.2014." 2. By a notice dated 16.05.2014, IOB was called upon to appear before the Deputy Commissioner of Customs (A) with all relevant documents a....
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....ns as contained in the provisional assessment test bond. 6. The controversy involves interpretation of clause 5, 7 and 8 of the BGs. Before proceeding further, it would be relevant to refer to clauses 7, 8 and the relevant portion of clause 5 of the BG (LG No 408/IOB/LGI/54/2012), which are reproduced as under:- "5.....This Guarantee will remain in force for SIX (6 months) months of its issue and we undertake to renew the Bank Guarantee at the request of the exporter till the matter for which the Guarantee is furnished is decided. xxxxx xxxxx xxxxx xxxxx 7. We hereby undertake to renew the Bank Guarantee from time to time till the matter is finally decided and also confirm that the guarantee will not be revoked by the guarantor without ....
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....e in force only for a limited period of time and would be renewed at the request of the customer i.e. Alpine. If clause 7 of BGs is read harmoniously with clause 5, the inescapable conclusion is that while IOB is obliged to keep the BGs alive and not permit the same to be revoked by Alpine, the said obligation is limited only during the valid tenure of the BGs. The obligation of IOB to renew the BGs - as expressed in the opening words of clause 7 - is subject to compliance with clause 5, that is, subject to request of Alpine. Reading the BGs in any other manner would render the latter part of clause 5 as quoted above otiose. The clause limiting the validity of BGs to six months would be of no effect. 10. In the present case, Alpine has not....