V.V. VAZE, J.:---Summer of 42. The city of Bombay was slowly recovering from the erosion of war economy. Serpentine queues for essential commodities were seen every where The mighty arch of yellow basalt hautily thrusting its frame above the promontory lapped by the waters of Bay of Bombay had witnessed the entry of many an Englishman-administrators, Governors-General, dashing blades or humble quill drivers-coming to India to keep Pax Britannica. That very arch was soon to serve as their exist.

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2. A group of seven businessmen drawn from various fields like pharmaceuticals, textiles, tea, banking and insurance got together and surveyed the Indian economic scene. They had a vision of a possible co-operation of Indian and foreign entrepreneurs in the field of supply of essential commodities for civilian consumption-something which was very much relegated to the background by the more pressing need to keep the sinews of war flowing. They envisaged a free-flow of goods and merchandise once the sea routes became open; took note of the fact that manufacturers in western countries had at their disposal large departmental chain stores to handle goods direct from the f