( 1 ) PETITIONER No. 1 is a company engaged in the manufacture of aluminium metal and has a smeltor complex at Belgaum. It is alleged that in response to "an I nvitation to Investors in Industry" published by the Government of Karnataka in 1966, the petitioners set up a smeltor complex and an aluminium plant at Belgaum on the basis of the assurances given by the State Government in the said brochure. An agreement was entered into between the 1st petitioner, the State government and the State Electricity Board (hereinafter referred to as the Board) on 26-3-1966 for supply of electric power at a fixed rate for the duration of the agreement. In the said agreement provision was made for supply of power at a fixed rate with electricity tax at stipulated rate for a period of 25 years with an option for renewal for a further period of 25 years. On the basis of the terms and conditions of the aforesaid agreement, it is claimed by the 1 st petitioner, that it set up the complex making investment of several crores of Rupees. . After the announcement of Aluminium Policy by the Government of India on 15-7-1975 a new agreement was entered into between the State, the board and