JUDGMENT

S.B. Sinha, J.—Leave granted.

2. The Mumbai Metropolitan Region Development Authority (for short, ‘the Authority’) was created under the Mumbai Metropolitan Region Development Authority Act, 1974 (‘the Act’). It conceptualized the idea of establishing a Convention and Exhibition Centre (‘C&EC’). Pursuant thereto and in furtherance thereof it called for “Expression of Interest for development of C&EC” in Bandra Kurla Complex. An advertisement was issued inviting ‘Expression of Interest for development of C&EC’. Appellant No.1, pursuant whereto and in furtherance whereof, entered into a Memorandum of Understanding (MoU) with M/s. Larsen & Toubro Ltd. (L&T) for setting up such a complex. It also conducted conference of investors therefor. It submitted its tender on 7.4.2003, highlighting :

a)Entire ground of 75,000 sq.m. would be required for international standard C&EC.

b)They have formed a consortium for bidding for the said project and giving the names of the members of the consortium as including L&T and IMAG (Germany).

c)Letters of acceptance from L&T was also annexed to show its participation.

d)The Authority was offered equity participation to the extent of 5% of the to