TMI Blog1988 (2) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... ven its ordinary meaning- Where the grammatical construction is clear and manifest and without doubt, that construction ought to prevail unless there are some strong and obvious reasons to the contrary - It must be emphasised that interpretation must be in consonance with the Directive Principles of State Policy in Article 39(b) and (c) of the Constitution.- Contemporanea expositio, is a well-settled principle or doctrine which applies only to the construction of ambiguous language in old statutes. - The Act must be so read that it further ensures such meaning and secures the ownership and control of the material resources to the community to subserve the common good to see that the operation of economic system does not result in injustice. - 4826 & 7045 and 5420 of 1987 - - - Dated:- 12-2-1988 - Sabyasachi Mukharji and G.L. Oza, JJ Represented by : Shri F.S. Nariman, for Swadeshi Mining and Manufacturing Co. Ltd. Others. JUDGEMENT Per : Sabyasachi Mukharji, J: What falls for consideration in all these matters is a common question of law, namely, whether equity shares in the two companies i.e. 10,00,000 shares in Swadeshi Polytex Limited and 17,18,344 shares in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Prasad Aggarwal, tiled a suit being Case No. 183 of 1987 in the Court of Third Additional Civil Judge, Kanpur praying, inter alia , that Shri Raja Ram Jaipuria should not preside over the 17th annual general meeting of the Company. On 27th of February, 1987, the application for interim injunction filed in the said suit was dismissed by the learned trial Judge. In appeal which is not yet numbered preferred by the plaintiff before the Allahabad High Court an order was passed by the Court on 2nd March, 1987 appointing Shri M.P. Wadhawan as the Chairman of the said annual general meeting. The consenting parties to the said proceedings before the Allahabad High Court were Shri Raja Ram Jaipuria and Swadeshi Polytex Limited. Against this order of 2nd March, 1987 passed by the Allahabad High Court M/s. Doypack Systems Private Limited preferred a special leave petition in this Court. Leave was granted and as mentioned hereinbefore it was registered as Civil Appeal No. 577 of 1987. The three special leave petitions were heard together as Civil Appeal Nos. 577, 578 and 579 of 1987 and were disposed of by a common order on 6th March, 1987 by this Court appointing Shri Jaswant Singh as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the operative portion of the directions contained in the order dated 7th March, 1987 passed by the Allahabad High Court. On 6th of April, 1987, M/s. Swadeshi Mining and Manufacturing Company filed a Civil Writ Petition No. 2214 of 1987 in the Allahabad High Court (Lucknow Bench) praying, inter alia , for stay of the operation of the letters dated 24/30th March, 1967 addressed by NTC to Swadeshi Mining and Manufacturing and Swadeshi Cotton Mills Company Limited, calling for an Extraordinary General Meeting of the shareholders for removal of the Directors of Swadeshi Mining and Manufacturing Company Limited. The Division Bench of the High Court (Lucknow Bench) passed an order on 6th of April, 1987, staying the operation of the said letters addressed by NTC to the companies. Against that order, M/s. Doypack Systems Pvt. Ltd. filed a Special Leave Petition No. 4826 of1987. NTC also filed a special leave petition against the said order, being SLP No. 5240 of 1987 in this Court. Both these petitions were heard by this Court on 5th May, 1987. By an order passed on 5th May, 1987 this Court directed that Suit No. 506 of 1987 filed in the Delhi High Court and Writ Petition No. 2214 of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hem up in extenso, he submitted that the shares in question were all along being considered and treated as not comprising part of the textile undertaking. 4. He referred to the order dated 13th of April, 1978 issued by the Central Government under Section 18AA of the Industries (Development and Regulation) Act, 1951 (hereinafter referred to as 'the IDR Act'). This order did not purport to take over those shares held in the two companies by the Swadeshi Cotton Mills Company Limited. He also drew our attention to Volume III pages 53 and 54 of the present volumes before us, which is the reply of the Minister of Law, Justice and Company Affairs. It was clarified to the Parliament that the shares were distinct from the undertakings of the company whose management was taken over. On 27th of March, 1979 in answer to a question the Minister stated that apart from the six undertakings taken over and presently run by the National Textile Corporation Limited, the business of the company comprised of: (i) Investments in Swadeshi Polytex Limited, Ghaziabad. (ii) Investments in Swadeshi Mining and Manufacturing Company Limited, a subsidiary company. (iii) Land development business. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8AA(l)(a) of the IDR Act had no effect on the voting rights of the Cotton Mills Company. It was further observed that the Polytex Company had in that case rightly treated the registered holder i.e. the Cotton Mills Company as the owner of the shares in question and to call the meeting in accordance with the notice issued under Section 169 of the Companies Act, 1956. Therefore, a challenge to the validity of the meeting was negatived. As good deal of reliance was placed on behalf of the petitioners on this decision, it must be emphasised that the decision must, however, be understood in the context of the facts and the language used in the order passed under Section 18AA of the IDR Act whereby only the management had been taken over and not the rights of the company therein . But by the present Act in question on the appointed day "every textile undertaking" and "the right, title and interest of the company in relation to every textile mill of such textile undertakings" were transferred to and vested in the Central Government and such textile undertakings would be deemed to include "all assets" and so in the context of this provision the reference and the reliance on the decision o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings and reiterated only the historical facts that the management of the textile undertakings had been taken over by the Central Government under Section 18AA of the IDR Act and further that large sums of money had been invested with a view to making the textile undertakings viable and it was necessary to make further investments and also to acquire the said undertakings in order to ensure that interests of general public are served by the continuance of the undertakings. The Act was passed to give effect to the principles specified in clauses (b) and (c) of Article 39 of the Constitution. In our opinion, this was indicative of the fact that shares were intended to be taken over. 11. Shri Nariman, however, contended that NTC on 17th June, 1986 had issued an order under Section 6 of the Ordinance transferring four of the textile undertakings to its subsidiary, the NTC, U.P. Limited. According to him, the shares were not purported to be transferred under this Order. This however, in our opinion, is non sequitur . 12. It appears from the written statement filed by NTC on 8th of February, 1987 in the suit filed by one G.G. Bakshi in Ghaziabad Court, it was claimed that NTC was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akings which were taken over under Section 18AA should be continued for purposes of manufacture, production and distribution of cloth and yarn; (c) He further submitted that the Objects and Reasons appended to the Bill also supported that view (d) Section 2(k) of the Act enumerated only six textile undertakings which alone were taken over by the order issued under Section 18AA; (e) Sections 7 and 8 also provided an intrinsic aid to the construction of Section 4, according to him. Section 7 provided that an amount equal to the value of the assets which will vest in the NTC, would be deemed to be the Central Government's contribution to the equity capital of NTC and NTC shall issue shares to the Government having a face value equal to the amount specified in Section 8. The amount equal to the value of the assets was Rs. 24.32 crores, which was the share capital of the Government in NTC. This figure of Rs. 24.32 crores does not take into account the value of the shares and hence the shares did not vest under Sections 3 and 4 of the Act, according to him; (f) the expression "pertaining to" appearing in Section 4(1) means "forming part of". Therefore, only those assets which formed part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act with which we are concerned uses the expression "pertaining to" in Section 4, which according to him is narrower than the expression "in relation to" used in Section 3 of the Coal-mines (Nationalisation) Act, 1973. When the coal-mines were nationalised, the sugar undertakings of Swadeshi Mining were not taken over since these constituted separate undertakings distinct from the coal-mines. He referred to Entries 655, 656 and 657 of the Schedule to the Coal-mines (Nationalisation) Act, 1973. (4) Dr. Chitale submitted that the expression "investment" may belong to a fund which may be created, the interests of which may be used for payment of gratuity or provident fund to the employees. The expression "investment" cannot be applied in the context of the shareholdings of a separate undertaking, according to him. 17. Shri S. B. Mukherjee, appearing on behalf of Swadeshi Cotton Mills had relied on the decision of the Delhi High Court, See Volume III pages 64 to 169, which according to him, clearly held that the shares in question were not part of the textile undertakings and, in fact, the said shares were not taken over along with the six textile undertakings belonging to S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of different varieties of cloth and yarn. The preamble further reiterated that it was to give effect to the policy of the State towards securing the principles specified in clauses (b) and (c) of Article 39 of the Constitution. It reiterated that large sums of money had been invested with a view to making the said textile undertakings viable. It further reiterated that large sums of money were necessary for the purpose of securing the optimum utilisation of the available faculties. 20. Section 3 of the said Act provides for transfer and vesting of the Textile undertakings. The material portions of Sections 3 and 4 are as follows : "3. (1) On the appointed day, every textile undertaking and the right, textile and interest of the Company in relation to every such textile undertaking shall, by virtue of this Act, stand transferred to, and shall vest in the Central Government. Transfer and vesting of textile undertakings. (2) Every such textile undertaking which stands vested in the Central Government by virtue of sub-section (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "8. For the transfer to, and vesting in, the Central Government under Section 3, of the textile undertakings of the Company, and the right, title and interest of the Company in relation to such undertakings, there shall be given by the Central Government to the Company in cash and in the manner specified in Chapter VI, an amount of rupees twenty-four crores and thirty-two lakhs." Payment of amount. 23. Section 10 of the Act deals with the management etc. of the textile undertakings. Section 12 of the Act deals with the provisions relating to the employees of the textile undertakings. Section 24 of the Act provides that the provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any court, tribunal or other authority. Section 25 provides for the assumption of liability. It is the true effect and purport of these sections that requires consideration and adjudication. 24. It appears to us that Section 27 of the Act where the expression "forming part of" is used, wou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the antecedent computation of value by the executive is wholly irrelevant for determining the intention of Parliament. Reference was made to Kumari Sunita Ramachandra v. State of Maharashtra and Another (19861 S.C.R. 697 at 704. c to e) and Dr. (Mrs.) Sushma Sharma v. State of Rajasthan (1985 3 S.C.R. 243 at 263). 28. Shri Anil B. Diwan on behalf of Mukesh Bhasin, in Suit No. 506 of 1987 (Transferred Case No. 14 of 1987) submitted that the Objects and Reasons of the mover of the Bill are not admissible as aids to construction since it is impossible to contend that the Objects and Reasons in the minds of some officials of the Government before the matter is discussed by the Cabinet, would at all be relevant. Reference may be made to State of West Bengal v. Union of India (1964 1 S.C.R. 371 at 379, 380, 381, 382). The Central Bank of India v. Their Workmen (1960 1 S.C.R. 200 at 217). It was further submitted that subsequent documents and/or views of the officers of the Government are not admissible as legitimate aids to the construction of a statute. Reliance placed by the petitioners on the documents at pages 452-456 of Volume II as an aid to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act would have to be understood by a combined reading of Sections 2(k) and 4(1) of the Act. Section 2(k) while defining the expression "textile undertaking", identities the textile mills concerned while Section 4(1), by adoption of deeming provisions, spells out the properties which vest along with the concerned textile mills by reason of their direct nexus with the mills. 30. The expression "forming part of'" appearing in Section 27, according to Shri Ganguly, is merely descriptive of the properties already vested in the Central Government under Section 3. Section 1 (2) of the Act provided that the provisions of the Act including Sections 3 and 4 shall be deemed to have come into force retrospectively with effect from 1-4-1985 and Sections 27 and 28 shall come into force at once. Thus the properties which stood vested in the Central Government with effect from 1-4-1985 already "formed part of' the textile undertakings on the date of the Act when Section 27 came into force (i.e. w.e.f. 30-5-1986). The properties which already stood vested and formed part of the textile undertakings could not be dealt with in any manner other than those permissible under the Act. Section 27 cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and determination of assets and liabilities in respect of six textile undertakings of Petitioner No. 2 in the year 1983-84 and the opinion of the Law Department then obtained. (2)Proposal of the Textile Ministry in respect of nationalisation of the six textile undertakings in the year 1985-86 including all notes and memorandum in respect thereof. (3) Opinion of Law Department as rendered to the Textile Ministry. (4) Proposal of the Textile Ministry in respect of the drafting of the Ordinance and the Act by the Legislature Ministry. (5) Details of properties taken into consideration for the determination of amount under Section 8 of the Ordinance/Act. (6) Proposal of the Textile Ministry in the form of Cabinet Notes for the approval of the Cabinet in the matter of promulgation of Ordinance/framing of the Act, and (7) Notes and Memorandum prepared by the Ministry of Textile/Ministry of Law at or before framing of the Ordinance/Act and subsequent thereto relating to the acquisition of the textile undertakings. 35. It was contended that production of these was necessary to establish that the shares were never intended to be taken over and these were never considered as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anguage is not clear and there is need to resort to aids of construction, it is clear that such aids can be either internal or external. Internal aids of construction are definitions, exceptions, explanations, fictions, deeming provisions, headings, marginal notes, preamble, provisos, punctuation's, saving clauses, non-obstante clauses etc. The nothings in the flies of various officials do not fall in the category of internal aids for consideration. Dictionaries, earlier acts, history of legislation, Parliamentary history, parliamentary proceedings, state of law as it existed when the Act was passed, the mischief sought to be suppressed and the remedy sought to be advanced by the Act are external aids. Documents which have been required to be produced do not, in our view fall within the category of external aids as indicated. Having considered the facts and circumstances of the case, we are unable to accept the prayer of the petitioner to direct disclosure and production of the documents sought for. In our opinion, the language used in Section 4 of the Act, is clear enough read with Section 3 of the Act. We have set out the provisions of the said two sections. Section 3 states that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Court. After the Parliament has said what it intends to say, only the Court may say what the Parliament meant to say. None else. See also in this connection Dr. (Mrs.) Sushma Sharma and Others v. State of Rajasthan and Others (supra). The objects and purposes of the person who initiated the Bill are not admissible as aids to construction since it is impossible to contend that such purposes in the minds of some officials of the Government before the matter is discussed by the Cabinet, would at all be relevant. See in this connection State of West Bengal v. Union of India (supra) where this Court reiterated that the Statement of Objects and Reasons, accompanying when introduced in the Parliament cannot be used to determine the true meaning and effect of the substantive provisions of the statute. Such statement cannot be used to show that the legislature did not intend to take over any particular property. See also The Central Bank of India v. Their Workmen (supra}. 40. It has to be reiterated, however that the objects and reasons of the Act should be taken into consideration in interpreting the provisions of the statute in case of doubt. This is the effect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the files. Therefore, the notings made by the officials are not relevant. In this connection reliance may be placed on the principles of interpretation as enunciated by the Federal Court in Auckland Jute Co. Ltd. v. Tulsi Chandra Goswami (1949 F.C.R. 201 at 244). It is trite saying that the interpreter of the statute must take note of the well known historical facts. In conventional language the interpreter must put himself in the arm chair of those who were passing the Act i.e. the Members of the Parliament. It is the collective will of the Parliament with which we are concerned. See in this connection the observations of the Federal Court in RM.AR.AR.R.M.AR. Umayhal Achi v. Lakshmi Achi and Others (l945 F.C.R. 1). We are therefore, of the opinion that the documents sought for are not relevant for the purpose for which they were sought for. In this case we are concerned only with the construction of the statute to determine whether the shares vested in the Government or not. As Lord Reid has said in Black-Clawson International Ltd. v. Papier-werke Waldhof Achaffenburg A G(1975 A.C. 591 at 613) "We often say that we are looking for the intention of Parliament, but that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ege cannot be waived. In this connection, learned Attorney General drew our attention to an unreported decision in The Eliphinstone Spinning and Weaving Mills Company Ltd. v. Union of India and Others. (Writ Petition No. 2401 of 1983). This resulted ultimately in Sitaram Mill's case (supra). The Bombay High Court held that the Task Force Report was withheld deliberately as it would support the petitioner's case. It is well to remember that in Sitaram Mills's (supra) this Court reversed the judgment of the Bombay High Court and upheld the take over. Learned Attorney General submitted that the documents there were not tendered voluntarily. It is well to remember that it is duty of this Court to prevent disclosure where Article 74(2) is applicable. We are convinced that the notings of the officials which lead to the Cabinet note leading to the Cabinet decision formed part of the advice tendered to the President as the Act was preceded by an ordinance promulgated by the President. 43. We respectfully follow the observations in S.P. Gupta and Others v. Union of India and Others (supra) at pages 607, 608 and 609. We may refer to the following observations at page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 S.C.R. 713). Reference may also be made to the observations of Lord Denning in Air Canada and Others v. Secretary of State and Another (1983 1 All E.R. 161 at 180). 45. We therefore, reject the claim for production of these documents. 46. In view of the language used in the relevant provisions, it appears to us that Section 3 as two limbs: (i) textile undertakings; and (ii) right, title and interest of the company in relation to every such textile undertaking. The expression 'textile undertaking" has been defined in Section 2(k) to mean the six textile undertakings of the company specified therein. The definition of the said expression in Section 2(k) is, however, subject to the opening words of the section which provide, "In this Act, unless the context otherwise requires". In the context of the expression "textile undertakings" employed in Section 3(1) of the Act, Section 4(1) provides that the textile undertakings referred to in Section 3 shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, workshops, stores... investments and book debts pertaining to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of India (1970 3 S.C.R. 530 at pages 567, 568, 635), where the Act of 1969 was challenged. It was held that the meaning of the expression "undertaking" is a going concern as distinct from its assets and liabilities. It was also observed that it covered every corner of property, right, title and interest therein. This Court rejected one of the grounds of challenge as there was no evidence that the named banks held any assets for any distinct non-banking business, which finding gives an idea as to what could have been excluded from the acquisition of the undertaking. 50. Reading the provisions of Section 3(1), Section 4(1) and Section 2(k) of the Act, each throwing light on the other, it follows that - (a) under the first limb of Section 3(1) of the Act every textile undertaking; (b) under the second limb of Section 3(2) every right, title and interest of the company in relation to every such undertaking, is transferred and vested, (c) The deeming provision of Section 4(1) amplifies and enlarges both the limbs of the vesting section, being Section 3(1). (d) The definition of section is read into these provisions, to give a wider meaning and scope to the vesting provision and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shares vest in the Government. See National Textile Corporation Ltd. v. Sitaram Mills (supra), Minerv a Mills Ltd. and Others etc. v. Union of India and Others (supra), Govardhandas Narasinghdas Daga and Others v. Union of India and Others (supra), Fine Knitting Mills Ltd. and others v. Union of India and others (supra) and Vaidharbha Mills Berar Ltd. v. Union of India (supra). The above provide the informed basis on which we make the construction of Sections 3 and 4 of the Act. 55. The expression "and all other rights and interests in or arising out of such property, as were immediately before the appointed day, in the ownership, possession, power or control of the company in relation to the said undertakings", appearing in subsection (1) of Section 4 of the Act indicates that the shares which have been purchased from out of the funds of the textile undertakings and which have been held for the benefit of the said text the undertakings, would come within the scope of Section 4 of the Act and thus would also vest in the Central Government under Section 3. The origin of these shares and their connection with the textile undertakings have been fully corrob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Sections 3 and 4 of the Act. See in this connection the observations of Halsbury's Laws of England, 4th Edition, Volume 44, paragraph 856 at page 522 and the case noted therein. 58. There is no exact correlation between the figure of capital reserve and the figure of investments. That, in our opinion cannot be. These can never be exactly equal. The submission of the petitioner fails to take into account the fact that the undertakings other than the Kanpur undertaking, also have capital reserve, even though there is no allegation that these were excluded assets in respect of other undertakings and there were no figures of investments therein. The covering letter for these documents, page 408 of Volume II, itself stated that the provisional balance-sheet shows investments which included these shares as part of assets. With regard to the figure of Rs. 11 lakhs taken in the calculation filed by the petitioner, we find that the calculations filed by the petitioner were not supportable. 59. Contemporanea expositio , is a well-settled principle or doctrine which applies only to the construction of ambiguous language in old statutes. Reliance may be placed in this connection on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 and 4 and in the other sections as well. Reference was made to the Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium Undertakings) Act, 1984, the Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act, 1982 the Britannia Engineering Company Limited (Mohameh Unit) and the Arthur Butler and Company (Muzaffarpore) Limited (Acquisition and Transfer of Undertakings) Act, 1978 and the Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1984. 62. In the present case we are satisfied that the shares in question were held and utilised for the benefit of the undertakings for the reasons that (a) the shares in Swadeshi Polytex Limited were acquired from the income of the Kanpur Unit. Reference may be made to page 23 of Compilation D-III, (b) the shares held in Swadeshi Mining and Manufacturing Company were acquired in 1955. Originally there were four companies and their acquisition has been explained fully in the Compilation D-ill with index, (c) the shares held in SPL were pledged or attached for running the Kanpur undertaking, for payment of ESI and Provident Fund dues for the workers of the Kanpur undertaking, for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lat v. Pranlal Jayanand Thakar and Others (1975 1 S.C.R. 534). The words 'all other rights and interests' are words of widest amplitude. Section 4 also uses the words "ownership, possession, power or control of the Company in relation to the said undertakings". The words 'pertaining to' are not restrictive as mentioned hereinbefore. 65. Section 8 provides for payment of compensation in lumpsum and the transfer and vesting of whatever is comprised in Section 3. As Section 4 expands the scope of Section 3, the compensation mentioned in Section 8 is for the property mentioned in Section 3 read with Section 4. The compensation provided in Section 8 is not calculated as a total of the value of various individual assets in the Act. It is a lumpsum compensation. See in this connection the principles enunciated by this Court in Khajamian Wakf Estates etc. v. State of Madras and Another (supra). There, it was held that even if it was assumed that no compensation was provided for particular item, the acquisition of the "inam" is valid. In the instant case Section 8 provides for compensation to be paid to the undertakings as a whole and not separately for each of the interests ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining and Manufacturing Company Limited held by the Swadeshi Cotton Mills vested In the Central Government under Sections 3 and 4 of the Act. 69. We are further of the opinion that in view of the amplitude of the language used, the immovable properties, namely, the Bungalow No. 1 and the Administrative Block, Civil Lines, Kanpur have also vested in NTC. 70. In that view of the matter in Transferred Case No. 13 of 1987, we dismiss the Writ Petition No. 2214 of 1987. All interim orders in the-said Writ Petition will stand vacated. This will dispose of the various other SLPs and CMPs connected with the Lucknow Writ Petition being SLP (Civil) No. 4826 of 1987 filed by Doypack Systems Pvt. Ltd., against the order dated 6th April. 1987, SLP (Civil) 5240 of 1987 filed by NTC against the same order of 6th April, 1987 in the Lucknow Bench and the order dated 6th April, 1987 In CMP No. 4555(W) of 1987 in the Lucknow Bench of the Allahabad High Court. CMPs Nos. 16918 and 16919 of 1987 being CMPs in SLP No. 4826 of 1987 will stand disposed of in the above light. , ' 71. In Transferred Case No. 14 of 1987 in Suit No. 506 of 1987, we hold that 10 lakhs and 17 lakhs equity shares ment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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