MADAN GOPAL JAJOO Vs. UNION OF INDIA

JUDGEMENT

(1.) In this writ petition filed by four petitioners there are three respondents. The petitioners are holders of shares and debentures of 'third respondent Larsen & Toubro Limited, a public limited company ('the Company' for brevity). The first respondent is Union of India in the Ministry of Finance, Department of Economic Affairs and the second is the Controller of Capital Issue? (CCI) exercising its functions under the Capital Issues (Control) Act, 1947 (for short the Act).

(2.) The petitioners have sought a writ of certiorari, or any other writ, or direction for setting aside the issue of Debentures Series IV of the Company and for setting aside the amended consent order dated 8 November, 1991 of the CCI amending the earlier consent order dated 29 August, . 1989. The petitioners also seek a restraint on ths respondents from giving effect to the impugned amendment order, or acting in furtherance of that amendment order.

(3.) The amendment order which is impugned may be reproduced here : "No. M. 582/7/CCI/89 Government of India Ministry of Finance Department of Economic Affairs Office of the Controller of Capital Issues New Delhi, the 8-11-91. To M/s. Larson & Toubro Ltd. L&T House, Ballard Estate P. O. Box 278, Bombay -400038