JUDGMENT

SABYASACHI MUKHARJI, J. : — At this stage. we are concerned with the question whether there is need for the continuance of the Order of injunction passed by this Court on 25th August, 1988. In order to appreciate the question it is necessary to State a few facts. A petition was moved before this Court on 19th August, 1988 under the Contempt of Courts Act, 1971 for initiation of contempt proceedings against the proprietors of Indian Express Newspapers Bombay Pvt. Ltd., Shri Arun Shourie, Indian Express Newspapers Bombay Pvt. Ltd.. Shri Hari Jaisingh, Resident Editor, Indian Express Newspapers Bombay Pvt. Ltd., Shri A. C. Saxena, News Editor, Indian Express Newspapers Pvt. Ltd., Delhi, Shri H. K. Dua, Chief, New Delhi Bureau, Indian Express Newspaper Pvt. Ltd., New Delhi, and Shri V. Ranganathan, Indian Express Bombay Pvt. Ltd. The petition was moved on behalf of Reliance Petrochemicals Ltd. (hereinafter called "Reliance Petrochemicals"). It was stated therein that this Court should take cognisance of the contempt alleged to have been committed by the respondents and it was further prayed that pending the consideration of the question of criminal contempt, this Court should pass an order restraining the Express Group of Newspapers and their related publications from publishing any materials or articles in relation to the subject matter of the proceedings in the Transfer Petitions Nos. 192 and 193 of 1988 which was subjudice issue in Writ Petition No. 1276 of 1988 in Karnataka High Court, Writ Petition No. 1791 of 1988 in Delhi High Court, Writ Petition No. of 1988 Radhey Shyam Goel v. Union of India, Suit No. 1172 of 1988 K. S. Brahmabhatt v. Reliance Petrochemicals Ltd. and MRTP proceedings instituted in J. P. Sharma v. Reliance Petrochemicals Ltd. as the same was alleged to be calculated to affect the Reliance debenture issue which was to open on 22nd August, 1988 till the decision of the transfer petitions pending herein.

2. The subject-matter of dispute related to the Public Issue by the petitioner company of 12.5 Secured Convertible Debentures of Rs. 200/- each for cash at par aggregating to Rs. 593.40 crores (inclusive of retention of 15 excess, subscription of Rs. 77.40 crores). It was stated that Reliance Petrochemicals was to set up what was claimed to be the largest petrochemical complex in the private sector for the manufacture of critically scarce raw material known as Mono Ethylene Glycole (MEG) and plastic raw materials like High Density Polyethylene (HDPE) and Poly Vinyl Chloride (PVC) which. are used for making various articles from films to pipes, auto parts to cable coating, containers to furnishings. It was asserted that the issue was of global and national importance. It was claimed that Reliances public issue was the largest public issue in India till date and the second largest issue in the world. The public issue was due to open on Monday, the 22nd August, 1988 and was scheduled to be closed on 31st August, 1988.

3. It was the claim of the petitioner that the debentures were being issued after obtaining the consent of the Controller of Capital Issues and on the basis of schedule indicated therein, and after complying with all the requirements of the Companies Act and otherwise. Certain writ petitions and a suit had been filed in some High Courts, namely, Karnataka, Bombay, Rajasthan, Delhi and later on in Allahabad challenging the. grant of consent or sanction for the issue of debentures. Such applications in the different High Courts and the Courts were filed at the last moment when enormous amount of money had already been spent, it was claimed. It was stated that enormous monies on publicity had been spent. In some of these proceedings orders of injunction had been obtained. It was contended that issue was prima facie legal and valid and the consent and permission of the necessary authorities specially the Controller of Capital Issues had been obtained properly. In such circumstances an applica