Judgment

MATHEW, J.:- An agreement dated 14-1-1958 was executed by and between the Government of India, the Burmah Oil Company Ltd. and the Assam Oil Company Ltd. for the promotion of a new company inter alla with the object of obtaining mining lease for the production of petroleum and crude oil. The promotion agreement was later on modified by a supplemental agreement dated 15-2-1959. The petitioner company was incorporated in accordance with the promotion agreement as modified by the aforesaid supplemental agreement. By an adoption agreement dated 14-3-l959 the petitioner adopted the promotion agreement of 1958 as modified by the said supplemental agreement. The petitioner has its head office in the State of Assam and is engaged in the business of prospecting petroleum and also producing and transporting crude oil from the State of Assam pursuant to the prospecting licence and mining lease granted by the State of Assam. By a second supplemental agreement dated 27-1-1961 executed between the Government of India, Burmah Oil Company Ltd. and Assam Oil Company Ltd. and the petitioner, certain provisions of the promotion agreement dated 14-1-1958 were modified, Clause 7 of the second s