The Committee was assisted by several experts.
In 1958, the Government of West Bengal, being of the view that the Company which enjoyed a monopoly in the supply of Gas in Calcutta was negligent in looking after the interest of the companysumers, appointed a Committee to inquire into the unsatisfactory companydition of supply of gas in Calcutta and to suggest remedial measures including valuation of the undertaking for the purpose of taking over the gas supply undertaking.
The Committee re F ported that the present Gas Works in Calcutta including the distributing system was in a bad state of disrepair and a very poor state of maintenance.
The Committee recommended that the Gas Works and the distribution system should be taken over immediately under the management of the State Govt.
The five years immediately preceding the take over of the companytrol and management of the Company were the years 1955 56, 1956 57, 1957 58, 1958 59 and 1959 60 during which years the profits according to the balance sheets of the Company, were Rs.
in order to ensure and maintain the supply of gas to the companysumers in Calcutta.
K. Sen, Anil Bhatnagar, K. Khaitan, S. R. Agarwal and Praveen Kumar for the Petitioners.
7,00,00,000/ .
343 of 1972.
Over the companyrse of the years the Company acquired extensive properties and became the owner of large plants.
P. Chatterjee, Govind Mukhoty and G. S. Chatterjee for the Respondent.
ORIGlNAL JURISDICTION Writ Petition No.
By a subsequent arrangement the companytrol and management of the Company passed from British into Indian hands.
Article 32 of the Constitution.
the total market value of the appellants industrial undertaking was estimated by the appellant as on 22nd March, 1962, at Rs.
The Member of the Committee were the Chief Secretary, the Sheriff of Calcutta, the Secretary, Commerce and Industries Department, the Administrator, Durgapur Project and the Director, Central Fuel Research Institute.
The Judgment of the Court was delivered by CHINNAPPA REDDY, J. The old question what is companypensation is back again, Fortunately, Constitutional Amendments and Judicial precedents have narrowed the scope for companytroversy.
It was later incorporated in accordance with the provisions of the English Joint Stock Companies Act, 1862.
After the report of the Committee was received by the Government of West Bengal, the West Bengal Legislature enacted the oriental Gas Company Act West Bengal Act XV of 1960 providing for the taking over for a limited period, of the management and companytrol and the subsequent acquisition of the undertaking of the oriental Gas Co. Ltd. The undertaking of the Company was defined to mean the properties of the companypany, movable or immovable other than cash balances and reserve funds but including works, workshops, plants, machineries, furniture, equipments and stores, and lands appertaining thereto, actually in use immediately before the companymencement of this Act, or intended to be used, in companynection with the production of gas or supply thereof in Calcutta and its environs.
machinery, buildings, lands pipelines, stores etc.
The question has arisen this way The appellant, the oriental Gas Company Ltd. was originally companystituted in England by a deed of settlement in April 1853, as the oriental Gas Company for the purpose of manufacture, supply distribution and sale of fuel gas in Calcutta.
