Law: Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970

Section: 7,7B(b)

Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance (V of 1970)--S.7-B(b), Second Proviso---Economic Reforms Order (1 of 1972), S.7-B---Acquisition of shares of associated company of nationalized company by government---Non-issuance of certificates of entitlement to compensation to ex-owners of associated company for same being indebted to nationalized company---Validity---Liability of associated company could not be transferred to members of holding company for both such companies being independent entities under law---Such owners were entitled to such compensation. ORDER This is third round of litigation in Constitutional jurisdiction of this Court by the petitioners pertaining to acquisition of compensation etc. in respect of respondent No.1. The first round of litigation brought before this Court by the petitioners was through C.Ps. Nos.624 of 1974, 525 of 1974 and 1290 of 1998. They had challenged the taking over the respondent No. 1, formerly known as General Iron and Steel Works Ltd., under the provisions of Economic Reforms Order, 1972. The petition was dismissed by Full Bench of this Court by order dated 7-8-1983 confirmed by the apex Court in C.P.No.409-K of 1983 by order dated 15-1-1985. The second round of litigation was through C.P. No.365 of 1986, which was dismissed by order dated 25-9-1997. The petition for leave to appeal against the said order was also ' dismissed by order dated 26-4-1997. Through the present petition, the petitioners, whose shares in the respondent No. 1 was acquired in terms of section 7-B of the Economic Reforms (Amendment) Act, 1973, have filed the petition seeking different reliefs but ultimately confined to compensation only. The respondent No.3, in the meantime, intended to dispose of the assets of the respondent No.1. The petitioners moved a Miscellaneous Application before the Supreme Court in Civil Appeal No.131 of 1987, which was disposed of with the observation that "it will be open to the petitioners to approach an appropriate forum under the law, if it is legally permissible, and to agitate the controversy therein. It will also be open to the respondents to agitate whatever factual and…

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