( 1. ) BY this petition under Article 226 of the Constitution, the petitioners challenge an order dated 12th August 1977 passed by the central Government under section 18aa of the Industries (Development and regulation) Act, 1951 authorising the Madhya Pradesh State Textile Corporation Ltd. to take over the management of a textile mill at Ujjain.

( 2. ) THE Textile Mill with which we are concerned here was originally known as Deepchand Mills and was an industrial undertaking owned by the vinod Mills Ltd. The Textile Mill was purchased by the Phoenix Mills Ltd. sometime in September 1973, after which it was named as Phoenix Mills unit No. 2. This unit enjoyed credit facility of Rs. 80 lacs from the Bank of india. The Textile Mill was purchased on 10th February 1977 by the Indore textiles Ltd. , petitioner No. 1 in this petition, from the Phoenix Mills Ltd. The Bank of India then withdrew the credit facility and transferred it to phoenix Mills Unit No. 1. There was a partial lay-off on 29th March 1977 and from 13th April 1977 the Mill was closed. On 24th May 1977 the deputy Secretary to the Government of Madhya Pradesh, Commerce and industries Department, wrote to the Deputy