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1994 (2) TMI 243 - SC - Companies LawWhether the Ordinance was promulgated under entry 24, List II or entry 42, List III ? Held that:- Appeal dismissed. As agree with the conclusion reached by the High Court and reject the contention raised by learned counsel for the appellants to the effect that the State Legislature had no legislative competence to legislate on the subject-matter of the Ordinance and, as such, the Governor had no power to promulgate the same. We agree with the High Court that the legislative competence to promulgate the Ordinance could validly be traced to entry 42, List III. The acquisition of shares under the Ordinance did not, in any manner, have the effect of nullifying any of the orders of the court. We are, therefore, of the view that, in the facts of the present case, the argument that the promulgation of the Ordinance had encroached upon the power of the judicial review of the court is wholly misconceived. No force in any of the contentions raised by learned counsel for the appellants and, as such, dismiss the appeal.
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