During the course of on spot check carried out by him on December 29, 1964 of B.P. sheets lying in appellant No. 1 's factory at Sonepat, the Development Officer (LME 1) of the Directorate General of Technical Development, New Delhi, discovered from an examination of the said appellant 's account books that it had during the period intervening between January 1, 1964 and January 12, 1965, acquired black plain iron sheets of prime quality weighing 1073 60.03 metric tons from various parties at a rate higher than the maximum statutory price fixed for such sheets by the Iron and Steel Controller (hereinafter referred to as 'the Controller ') in exercise of the powers vested in him under clause 15(1) of the Iron and Steel (Control) Order, 1956 (hereinafter referred to as 'the Control Order.