JUDGMENT

FATHIMA BEEVI, J.:- Assam Sillimanite Limited is a public limited company mainly carrying on the business of mining and export of Natural Khasi Sillimanite. The Company in pursuance of the condition in the lease deed dated 10-4-1963 established a Refractory Plant for manufacturing sillimanite corrundum and other associate minerals at Ramgarh in the State of Bihar. The initial investment was Rs. 1.75 crores. The Refractory Plant went into operation in the year 1964 and was closed down in July 1972.

2. The Undertaking was take over by the Central Government under Section 18AA of the Industries (Development & Regulation) Act for a period of three years which was extended for a further period of one year with effect from 1-11-1972. Later, by the Assam Sillimanite Limited (Acquisition & Transfer of Refractory Plant) Act, 1976 (in short the Act), the plant was acquired by the Government. The Act received assent of the President on February 11, 1976.

3. The Act provides for the acquisition and transfer of the right, title and interest of the Assam Sillimanite Limited in respect of its Refractory Plant and-for matters connected therewith or incidental thereto. The Preamble of the Act