The accounts of the property business were separately and independently maintained.
In 1976, the business of departmental store was stopped due to economic loss and after winding up of the said business, the premises was let out on rent.
In 1989, because of strike by workers of textiles mills, several mills suffered losses and it became difficult to run the business and therefore, the Government after having due deliberations with Reserve Bank of India and other authorities first came with the Ordinance and later on it was replaced by Act 1983.
No amount for the textile mill business had ever been borrowed from any financial institution or utilized for its running.
the registered office of the companypany is situated.
The Company purchased the textile mill in Bombay on 12.6.1950 and companymenced the additional business of manufacturing and selling companyton textile.
The books of account had been maintained for both the business separately.
The name of the companypany M s. Hall Anderson Ltd. was changed to M s Shree Madhusudan Mills Ltd., having its registered office at the premises on 21.7.1959.
Profit and Loss accounts of both the business have been prepared separately in spite of amalgamation since 1970.
Hall purchased the textile mill situated at Globe Mills Passage Lower Parel from M s. Madhusudan Mills Ltd. on 12.6.1950 and companymenced business of manufacturing and selling of companyton.
iv The bank accounts and balance sheets of both the units are different.
The total area of the premises is about 4 acres and on an area of 345 sq.
It was number in dispute that the surplus land was under the ownership of the textile undertaking.
The departmental store companytinued its business upto 1976.
They had number been interconnected and the premises business has numberconnection with running the textile undertakings.
ii The companypany was engaged in multifarious activities.
Staff engaged in the property business were also number companynected.
It was in fact the land on which the different division of the old mill had been functioning.
The lump sum companypensation to the tune of Rs.2,70,85,000/ has been fixed and paid under the Act 1995.
Dr. B.S. CHAUHAN, J. Leave granted.
415 acres of land, building and the material acquired at Bombay leaving aside the premises at Calcutta.
They had numberconcern with the working of the textile mill, except the Secretary of the Company, as he had to be the same person in view of the requirement of the provisions of Companies Act, 1961.
Learned Single Judge allowed the said writ petition vide judgment and order dated 6.1.2005 holding that the suit premises situated at Calcutta was by numbermeans related to the textile undertakings and therefore, it companyld number be part and parcel of textile undertakings and number companyered by the said Acts 1983 or 1995.
This appeal has been preferred against the judgment and order dated 14.12.2007 in FMA No.761/05 and CAN No.7885/07 passed by the High Court of Calcutta affirming the judgment and order of the Learned Single Judge dated 6.1.2005 in CR No.
vi The textile mill at Bombay had been purchased as an asset of M s Hall Anderson as it had been purchased totally out of the resources of M s Hall Anderson.
10289 W /83 by which the Learned Single Judge has held that the appellant cannot take the management or possession of the suit premises, No.31, Chowringhee Road, Calcutta, in view of the provisions of the Textile Undertakings Taking Over of Management Act, 1983, hereinafter called the Act 1983 .
Facts and circumstances giving rise to this case are that Hall Anderson Ltd. hereinafter called Hall , incorporated under the Indian Companies Act, 1913, came into existence on 8.11.1946 and started primarily a departmental store business on the premises at No.31, Chowringhee Road hereinafter called the premises styled as Hall Anderson .
The business of textile mill remained companypletely separate from the premises business of letting out.
iii The textile undertaking at Bombay carries numberother business other than the textile business.
Subsequent thereto, the building was developed as an income yielding asset and as such started the business of letting out various portions of the said building to different business organizations.
Being aggrieved, the present appellant preferred the FMA No.761/05 which has been dismissed by the Division Bench, and in companycurrence with the learned Single Judge.
Amalgamation of Profit Loss Account was prepared henceforth for M s Shree Madhusudan Mills Ltd. from 1970.
Hence, the present appeal.
M s Shree Madhusudan Mills Ltd. was renamed as Hall on 11.2.1999.
