( 1 ) BY this petition under Article 226 of the Constitution, the petitioners challenge two orders issued by the Central Government under Section 18fb (1) (b) of the Industries (Development and Regulation) Act, 1951 and four orders issued under Section 18fb (2) extending the operation of the said orders up to 1st January, 1981. The petitioners also, challenge the constitutional validity of sections 18fb and 29d of the Act.

( 2 ) PETITIONER No. 1 is an investment holding company and carries on the business of investment and financing monies for business and commercial purposes. Petitioner No. 2 is a shareholder of the petitioner-company. Respondent No. 3 is a company having a factory at Worli, Bombay, and another factory at Ghaziabad in Uttar Pradesh. The respondent company carries on the business of manufacturing bicycles, auto-engines and bicycle parts. The said industry is a scheduled industry under the Act. In June 1970, the petitioner company advanced a clean loan of Rs. 8. 5 lacs to the respondent-company repayable on demand on interest at the rate of 10 per cent per annum. Another loan of Rupees 5 lacs was advanced by the petitioner-company on the same term