K. Ramakrishnan, J.

1. The petitioners in W.P.(C).No.861 of 2016 are the appellants in the above appeal wherein they challenge the judgment delivered by the learned single judge dismissing the writ petition. The brief facts of the case are as follows:

2. The first appellant is a company incorporated under the Companies Act, 1956, engaged in the business of operation and management of Duty Free Shops which sell and/or deal in duty free goods at airports and seaports in India. They are operating Duty Free Shops in India at several places like Chennai, Calicut, Mangalore, Goa, Kolkata, Trichy and Ahemadabad international airports and also at Thiruvananthapuram, Jaipur, Amritsar and Lucknow through M/s. Flemingo DFS Pvt. Ltd., which is a hundred percent owned subsidiary of appellant company for which they have signed contracts to operate the Duty Free Shops at International Airports with the Airports Authority of India, the second respondent herein. They are operating at present 26 such Duty Free Shops at various airports and seaports in India. They are part of a multinational travel retail group operating more than 160 outlets over 30 countries spread across Asia, Europe, Afri