( 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 Processors Ltd. , respondent 3 (hereinafter referred to as "the respondent-Company" ). The petitioners in both the said writ petitions were assailing the award dated 7/7/198585, 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