Judgment

SHAH, J. : M/s. National Cement Mines Industries Ltd.- hereinafter referred to as the appellants - are a public limited company incorporated to "carry on the businesses of cement and lime manufacture and also of limestone supply and for the purposes of such business to acquire rights and concessions pertaining to limestone, coal and surface lands from the Dewarkhand Karanpura Mines and Industries Ltd." and also to "work mines or quarries and to find, win, get, work, etc. or otherwise deal with clay and bauxite".

2. Dewarkhand Karanpura Mines and Industries Ltd. - hereinafter called the "Karanpura Company" had obtained three leases on November 29, 1930, first for mining limestone from Maharaja Pratap Narain Udai Nath Shah Deo from limestone beds in certain villages in Dewarkhand, second from Maharaj Kumar Nand Kishore Nath Shah Deo of the surface rights necessary to exercise the powers and privileges in respect of the first lease and the third from Maharaj Kumar Raj Kishore Nath Shah Deo of surface rights in respect of Hoyer village. The period in each of the three leases was thirty years. On March 17, 1932, the Karanpura Company conveyed the rights and options under the thre