( 1 ) THE petitioners who number four have filed this petition under Article 226 of the Constitution seeking a writ of certiorari or any other appropriate writ, order or direction quashing the order dated 13 October 1993 by which order the Central Government in the Ministry of Industry, Department of Industrial Development (Secretariat for Industrial Approvals) granted approval to M/s. Gillette International, respondent No. 6, in investing upto a maximum 49% of the equity capital of M/s. Harbans Lal Malhotra and Sons, Ltd. (HLM), the fifth respondent, subject to certain conditions. The petitioner respectively hold 4. 17%, 2. 29%, 2. 25% and 22. 78% shareholding in the HLM. There are eight respondents - respondents 1, 2, 3 and 4, respectively, the Union of India in the Ministry of Industry; Secretariat for Industrial Approvals; Principal Secretary to the Prime Minister, Chairman, FIPB - Foreign Investment Promotion Board; and Union Finance Minister, and the seventh and eighth respondents N. V. I. Engineering Company Pvt. Ltd. (NVI) and Malhotra International Pvt. Ltd, respectively.

( 2 ) THE impugned approval was granted on 13 October 1993 on an application dated 18