PREMIER LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Mr. Ankit Lohia, learned counsel for the petitioner; Mr. Suresh Kumar, learned counsel for respondent No.1; Mrs. Rupali Akolkar, learned counsel for respondent No.2; and Mr. Rajpurohit, learned AGP for respondent Nos.3 and 4-State.

(2.) By filing this petition under Articles 226 and 227 of the Constitution of India, petitioner seeks a direction to the second respondent to release the compensation amount of Rs.21,71,56,088.00 in favour of the petitioner as per final award dated 06.05.2017 along with interest @12% p.a. from the date of the final award till payment or realization thereof. An alternative prayer has been made for a direction to the competent authority to release part compensation payment of Rs.15,38,13,908.00 along with interest @12% p.a. with effect from 29.12.2019 in favour of the petitioner as per interim compromise arrangement dated 27.12.2019. A further prayer is made that if the Court comes to the conclusion that respondents are not liable to pay compensation as per the final award dated 06.05.2017, then to set aside and quash the acquisition proceedings with respect to the land in question along with the final award dated 06.05.2017 and transfer back the title and possession of the land in question to the petitioner.

(3.) Case of the petitioner is that petitioner is a public limited company, earlier known as 'Premier Automobile Limited', incorporated under the provisions of the Indian Companies Act, 1913. It has its registered office at Mumbai Pune Road, Chinchwad in the district of Pune and corporate office at Nariman Point, Mumbai. It is presently engaged in the business of manufacturing and selling of CNC machines, heavy engineering and parts and components thereof. Being a listed company, it has approximately 35,000 shareholders with a large workforce.