- (1.) The petitioners in this WP under art.226 of the Constitution of India dated July 25, 2003 are questioning a decision of the Central Government to accept the fifth respondent's bid for purchasing 72% of the third respondent's shares held by the third respondent in the second respondent.
(2.) The five respondents in the WP are the following: - "1. Union of India through the Secretary, Ministry of Disinvestment having its office at Room No.407, Block No.14, CGO Complex, New Delhi 110 033; 2. Jessop & Company Ltd, an existing company within the meaning of the Companies Act, 1956, having its registered office at 21 & 22, Jessore Road, Kolkata 700 028; 3. Bharat Bhari Udjoy Nigam Limiited, a company incorporated under the provisions of the Companies Act, 1956 and having its Office at 26, Raja Santosh Road, Kolkata 700 027; 4. A. F. Ferguson & Co., a partnership firm and carrying on business at Appejay House, Block "B", 15, Park Street, Kolkata 700 016; 5. Ruia Cotex Ltd, a company incorporated under the provisions of the Companies Act, 1956 and having its registered office at Land Mark Building , A J C Bose Road, Kolkata." Jessop & Co. Ltd. (in short JCL) was established in 1788. In 1995 it was declared sick under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. The Board for Industrial and Financial Reconstruction (in short BIFR) specified State Bank of India (in short SBI) as the operating agency.
(3.) Bharat Bhari Udyog Nigam Ltd. (in short BBUNL) is a wholly owned Government of India Undertaking. It was holding 98% of the shares of JCL. The Central Government accepted a proposal for disinvestment of 72% of the shares held by BBUNL in JCL. In July 2000 A.F. Ferguson & Co. (in short AFF) was appointed as the advisor to the disinvestment process. In February 2001 advertisement was published in newspapers inviting expression of interest. Five bidders including a consortium having Titagarh Wagons Limited (in short TWL) as a partner and a consortium having Ruia Cotex Limited (in short RCL) as a partner were short-listed.;