RAMAPRASADA RAO, J.

Thiru L. V. Veeri Chettiar and his minor son V. Shanmugham, the petitioners herein, formed themselves into an association of persons in the year 1961 for carrying on the business of manufacture of handloom and powerloom cloths. They adopted the trading style of "Messrs Shanmugham Textiles" and their factory was set up in Vambadithalam, Salem District. The petitioners later concerned themselves in the manufacture of ready-made garments, and were exporting such garments, art silk fabrics and pure silk zari embroidered sarees, all of which came under the category of handloom cloth and handicrafts within the meaning of the export promotion scheme for handicrafts and handloom cloths initiated by the Government of India. Under the said scheme certain import licences were issued to the petitioners as against the export of handloom cloths and handicrafts. It is not necessary to set out the details of the export promotion scheme, as they are not necessary. The petitioners concede that the import licences so obtained by them were being sold by them by way of forward sale though named brokers in Madras. Such blank transfers enabled the brokers to negotiate furth