SIVARAMAN NAIR, J.

( 1 ) THE first petitioner is a public limited company with about 75,000 shareholders and paid up share capital of Rs. 40. 21 crores. The second petitioner is a shareholder of the first petitioner-company. The affairs of the company are managed by a board of five directors. On 21/08/1991, it was registered as a private limited company. It was converted into a public limited company on 6/01/1992. The latest accounting year of the company closed on 30/11/1992. The project cost of the company to manufacture steel castings is estimated to be Rs. 88 crores. The project is being set up at Gondia, Maharashtra, and is to be completed by the year 1994. The company had accounts in the State Bank of India, Commercial Branch, Bombay, and Citibank, N. A. Nariman Point, Bombay. The company was authorised four person, including one Mr. Shyam Bhatia, who is neither a shareholder nor a director of the company, as authorised signatories to operate its bank accounts. Sri Bhatia has claimed that he is the chairman of the group of companies, including the petitioner.

( 2 ) THE Income-tax Department had started an investigation into the allegations of concealed income of Mr. Shyam Bha

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