LAWS(SC)-1981-1-51

SWADESHI COTTON MILLS NATIONAL TEXTILE CORPORATION UNION OF INDIA Vs. UNION OF INDIA

Decided On January 13, 1981
SWADESHI COTTON MILLS Appellant
V/S
UNION OF INDIA Respondents

JUDGEMENT

(1.) THE Judgments of the Court were delivered by-

(2.) THESE appeals arise out of ajudgment, dated 1/05/1979, of the High Court of Delhi, in the followingcircumstances:

(3.) IN addition to these six industrial undertakings, the Company (it isclaimed) had other distinct businesses and assets. It holds inter alia 97 percent shares in the subsidiary, Swadeshi Mining and Manufacturing CompanyLtd., which owns two sugar mills. The Company claims, it has substantialincome from other businesses and activities including investments in itssubsidiary and in other shares and securities which include substantial holdingof Rs. 10,00,000.00 Equity Shares of Rs. 10.00 each in Swadeshi Polytex Ltd.,representing 3-0 per dent of the total equity capital value of Swadeshi PolytexLtd., the intrinsic value whereof exceeds Rs. 5.00 crores.