The hub of the argument addressed by the respondent company, which found favour with the Calcutta High Court, but failed to impress the Madras High Court, is the expres sion "no person entitled to sell or procure the sale of the said good" employed by the legislature in the opening part of Section 12(2) of the Act, which to the material extent deserves to be quoted: "12(2) Where any export of goods has 'been made to which a notification under sub section (1) applies, no person enti tled to sell, or procure the sale of the said goods shall, except with the permission of the Reserve Bank, do or re frain from doing anything or take or refrain from taking any action which has the effect of securing that . " The argument runs thus: Section 12 (2) of the Foreign Exchange Regulations Act 1942, on its plain terms, applies only to "persons" who are "entitled to sell or procure the sale of the said goods.