JUDGMENT

Markandey Katju, J.

1. These appeals have been filed against the common judgment and order of the Madras High Court dated 06.12.2001 in Writ Appeals Nos. 421 & 488 of 1985 etc. The facts have been stated out in great detail in the impugned judgment of the High Court in which the points contended by the parties herein have been dealt with. Hence we are not repeating the same here.

2. The appellants have set up new industries in which a major raw material is said to be power (electricity). It is alleged by the appellants that due to large consumption of power, the economic viability of their project is very sensitive to power tariffs. It is further alleged that the appellants were attracted by the tariff concessions given under Tamil Nadu Revision of Tariff Rates on Supply of Electrical Energy Act, 1978 (Tamil Nadu Act 1 of 1979). In the Schedule to the said Act, new industries were to be given the benefit of concessional tariffs for the first five years of production. It is alleged that on the basis of said promise the appellants proceeded in setting up their projects and established their industrial units which commenced production. The appellants were sanctioned the power