JUDGMENT

KHALID, J.:— This is an appeal, by special leave, filed by the Binny Employees Association, a registered trade union, against the award dated 20th May, 1972, made by the Industrial Tribunal, Madras, in I.D. No. 35/71.

2. The first respondent is a company incorporated on 30th June 1969, which commenced its business in the name and style of Binny Limited on and from 1st November, 1969. The petitioners were formerly employed by Binny and Co. Ltd., and are now employed in the Finance Trading and Agency Division of the respondent-company. Messrs Binny and Co. Limited in which the petitioners were formerly employed, was a well established British company of a standing of more than 170 years with branches all over India. The company had accumulated huge reserves and was able to acquire interest in various other companies, Such companies are Messrs Buckingham and Carnatic Co. Ltd., The Bangalore Woollen, Cotton and Silk Mills Co. Ltd., Binny Engineering Works Ltd., Gange Transport and Trading Company Ltd, and Madura Company Private Ltd.

3. Pursuant to orders passed in company petitions in various High Courts and in accordance with the scheme of amalgamation sanctioned by the High Co