RADHAKRISHNAN S., J.:—By this petition, the petitioner challenges the revision in rent by respondent No. 1 Life Insurance Corporation of India (LIC) in respect of Flat No. 1, Queens Court, 136, Maharshi Karve Road, Mumbai 400 020 ("the said flat") rented out to the petitioner to be illegal, arbitrary, unfair and unreasonable. The petitioner has been residing in the said flat since 1961 and has been a tenant of LIC in respect of the said flat ever since February, 1974 when the tenancy of the said flat was transferred by LIC in the name of the petitioner. The petitioners family have been tenants of the said flat from about 1938, i.e. just after the said building was constructed in 1937, and even prior to the building being acquired in 1946 by the New India Assurance Company Limited.

2. The learned Senior Counsel Mr. Chagla, appearing for the petitioner pointed out that in February, 1974 the total rent in respect of the said flat was Rs. 189.73 per month (Basic Rent Rs. 148.12 + Municipal Taxes Rs. 41.61). With effect from 1st September, 1997 respondent LIC had unilaterally increased the rent to a total of Rs. 2592/- per month (Basic Rent Rs. 2303/- + Municipal Taxes Rs. 188 +