Ajay Nath Ray, J. - (1.) The writ petitioners' claim that an interim order should be passed today in aid of their writ restraining the conversion of about Rs. 5,000/- crores credit held with the respondent No. 5, SAIL, into equity.
(2.) From the petition it appears that certain additional sums were permitted to be collected by the main steel producers, including the respondent No. 5, between the years 1978 and 1994 for the purpose of constituting a Steel Research and Development Fund, or for giving assistance to the main steel producers by way of compensation for increasing costs.
(3.) According to Mr. Chatterjee, the above sum of Rs. 5,000/- crore has not been allowed to be kept by way of compensation and, therefore, the concerned and qualified steel producers all over the country are entitled to a share, on a reasonable basis, of the development fund.;