TRANSIT BOND
TRANSIT BOND NO.
U/S 67 OF CUSTOMS ACT, 1962
FROM:ESCORTS LTD. YMD
A-3, SURAJPUT INDL. AREA
NOIDA DADRI ROAD
GHAZIABAD
TO:THE PRESIDENT OF INDIA
Know all men by these presents that we, Escorts Ltd. YMD, A-3 Surajpur Indl. Area, Noida Dadri Road, Ghaziabad (hereinafter called the OWNER which expression shall include their heirs, executors, administrators and legal repesentatives) and M/s.P.S. Bedi & Co., E-43/1 Okhla Indl. Area, Phase-II, New Delhi (hereinafter called the SURETY which expression shall include its heirs, executors, administrators and legal representative) are held and firmly do and jointly and severally unto the President of India (hereinafter called the Government which expression shall include his successors and assigns) in the sum of Rs.17320530/- (Rupees One Crore Seventy Three Lac Twenty Thousand Five Hundred Thirty Only). or lawful money of India to be paid to the Government for which payment to be well and truly made. We the owner and surety jointly and seve ally bind ourselves by these presents and each of us the said owner and surety both hereby convenant with Government that if any suit shall be in ought touching the subject matter of the obligation or the conditions hereunder written in any court subject to the Superintendence of High Court at New Delhi other than the High Court in its original jurisdiction the same and may at the instance of the Government be removed into tried and determined by the High Court in its extra ordinary civil jurisdiction.
Whereas the said owner Escorts Ltd. (YMD) Surajpur applied to the proper officer of Customs at New Delhi to permit the removal of the goods described and specified in the schedule of this bond from New Delhi Customs Warehouse to CWC warehouse, New Delhi.
AND whereas the said proper officers of customs has granted permission for the removal of the said goods to the warehouse at CWC, New Delhi on the condition of the above said owner and one sufficient surety executing such bond as above written and the surety M/s.P.S. Bedi & Co., New Delhi agreed to execute the said bond with such conditions hereunder written.
NOW the conditions of the above written bond is such that if the said owner shall and will cuase the said goods to be duly and safely removed to the warehouse at CWC, New Delhi within three months from the date of clearance of goods or within such extended period as the proper officer may allow to produce to the proper office-in-charge of the customs bonded warehouse at CWC New Delhi that the whole of the said goods have arrived and been fully warehoused in the said last mentioned town and also if the said owner shall and will from time to time and at all times hereafter upon demand by the proper officer of customs pay to the said Government full customs duties payable and penalties that may be imposed for contravention of import Trade Control Regulation upon or in expect of all goods so permitted to be removed as aforesaid that the above written bond shall be void and have no effect otherwise it shall remain in full force and valid.
AND it is hereby agreed and declared as follows:
- That the right of the Government to recover any amount due shall be affected or suspected by reason of the fact that any dispute or disputes has been raised by the owner with regard to his inability of that any proceedings are pending before a tribunal or court with regard thereto or the connection therewith.
- The liability of the surety shall not be removable by notice nor shall be discharged or affected the insolvency liquidation or winding up of the owner or by any act or forebearance on the part of the Government or its officer which but for this clause shall have the effect of discharging a surety but shall in all respect and for all purposes be binding and operative until payment of all money due to Government. The government may recover the said sum of Rs.17320530/- (Rupees One Crore Seventy Three lac Twenty Thousand Five Hundred Thirty Only) in the manner laid down in sub section (1) of section 142 of the Customs Act, 1962 without prejudice to any other mode of recovery.
SCHEDULE OF GOODS CLEARED FOR BONDING AT PUBLIC WAEHOUSE AT
CWC, NEW DELHI
B/E NO. & DATE / IMPORT LIC.NO. & DATE. / DESCRIPTION OF GOODS IMPORTED AND MARINE BILL OF LANDING NO. & DATE / COUNTRY OF ORIGIN / QTY. & VALUE
112466
6/12/95 / Para 22 of Import & Export Policy 92-97 / Components for Motorcycle
B/L 381548646
381550892
DT.13/9/95 / Japan / 31 Cartons Only
1185083/-
For ESCORTS LTD. YMD
(AUTHORISED SIGNATORY)