Pharmaceuticals Limited, which amalgamated with Karnataka Malladi Biotics Limited based on an order of the Bombay High Court dated 24th March 2009. Civil Appeal @ SLP(C) 4974 of 2021 Page 1 of 8FACTUAL ASPECT 3. A few factual aspects will have to be set out. Karnataka Malladi Biotics Limited (for short, ‘Karnataka Biotics’) obtained an Export Promotion Capital Goods Licence (for short, ‘the licence’), which enabled it to import certain capital equipment at a concessional rate of customs duty. Under the licence, Karnataka Biotics was permitted to import capital goods worth Rs. 23,38,882/- equivalent to US$ 64,987 CIF value, subject to the condition of the appellant exporting the finished goods worth US$ 2,59,948 and earning an equivalent amount in a freely convertible foreign currency within five years from the date of the licence. Karnataka Biotics imported goods as permitted under the licence and commenced commercial production. However, the Board for Industrial Finance and