ORDER

1. This appeal, by special leave, is directed against the judgment of the High Court of Himachal Pradesh dated 16-3-1992 dismissing the writ petition (CWP No. 980 of 1985) filed by the appellant-Union and allowing the writ petition (CWP No. 650 of 1995) filed by the Himachal Pradesh Wool Procedures Ltd., Respondent 3 (hereinafter referred to as "the respondent-Company"). The petitioners in both the said writ petitions were assailing the award dated 7-7-1985, made by the Industrial Tribunal, Himachal Pradesh (hereinafter referred to as "the Tribunal").

2. The H.P. Wool Processors Ltd. was incorporated as a public limited company under the Companies Act, 1956 in 1974 and it started production sometime in January 1976. It was a subsidiary of the H.P. Mineral and Industrial Development Corporation and was wholly managed and controlled by the Government of Himachal Pradesh. It did not turn out to be a viable undertaking and it continued to suffer losses from year to year. The Board of Directors of the respondent-Company, therefore, in the meeting held on 6-8-1983, decided to close the undertaking. On the same date it was also decided that the State Government may be moved for waiv