S. R.DASS, J.

(1) ON 23/07/1934. the then government of the Punjab granted a license under s. 3 of Indian Electricity Act, 1910 (IX of 1910) (hereinafter called the Electricity Act) to two persons named Harbhagwan Nanda and Harcharan Dass for the generation and supply of electric energy in the town of Fazilka. The licence, which is marked Annx. ,A and forms part of the statement of the case, contained a clause, viz. el. 9(1) of which read as follows : `9. (1) The option, of purchase given by subsection (1) of section 7 of the (Electricity) Act shall first be exercisable on the expiration of 15 years from the date of the notification of this licence and on the expiration of every subsequent period of 10 years. The percentage of the value to be determined in accordance with and for the purpose of Ss. (1) of section 7 of the (Electricity) Act of lands, buildings, works, materials and plant of the licensee therein mentioned to be added under the second proviso of that Ss. to such value on account of compulsory purchase shall be 20 percent.` Under this clause, read with a. 7 of Electricity Act, the government bad an option of purchasing the undertaking on the expir