GOKHALE H.L., J.: - These two Appeal Nos. 702 and 703 of 2003 seek to challenge the common judgment and order of a Single Judge dated 8th August, 2003 rejecting two Notices of Motion bearing Nos. 2557 of 2002 and 2793 of 2002, both of which were taken out by the appellant herein (original plaintiff) in Suit No. 3092 of 2002, which they have filed against Motorola Inc. and Iridium LLC, the respondents herein (original defendants). The two motions sought orders in the nature of attachment before judgment and injunction for obtaining security for a decree that might be passed in the appellants favour in this pending suit. Amongst others, the suit claims are (1) US $ 12,04,90,000 with further interest at the rate of 5% per annum on the principal amount of US $ 9,03,30,000 and (2) a sum of Rs. 3,77,21,54,857 with interest at the rate of 12% per annum on the principal amount of Rs. 48,11,00,000/. The respondents, other than the original defendants, were joined as additional respondents in the two respective motions since certain amounts were receivable by the original defendants from these additional respondents. The two motions sought injunctions restraining these additional respondents from paying over those amounts to the original defendants. Those motions were rejected by the common impugned order and hence these two appeals have been filed.

2. The points which arise for determination in these two appeals are common and hence both the appeals are heard and are being decided together. The appeals are being contested by respondent No. 1 only although other respondents are served. At the request of the Counsel for both the parties and as recorded on 5th September, 2003 by us, the appeal is heard finally at the admission stage.

3. Parties to the proceeding:

(i) The appellant (hereinafter at times referred to as "the plaintiff company") is admittedly a special purpose company floated by Indian Financial Institutions, and 80% of its equity is held directly or indirectly by Public Financial Institutions, Nationalised Banks and Public Insurance Companies, viz. IDBI, ICICI, SBI, Exim Bank, UTI, GIC and its subsidiaries, LIC, HDFC and Infrastructure Leasing and Financial Services Limited (for short "IL FS") (which itself is promoted by UTI, HDFC and Central Bank of India).

(ii) The balance 20% of the equity in the plaintiff company is held by respondent No. 1 (hereinafter at times referred to as "defendant No. 1").

(iii) The appellant has been incorporated to finance global personal communications in India and to invest in Iridium Inc., a company specialising in such a system known as Iridium.

4. Respondent No. 1 is a multinational Corporation whose business interests span the globe. It has almost the status of the leader in the telecom business worldwide. Respondent No. 1 is incorporated and registered under the laws of Delaware in the USA. It is the creator and developer of this Iridium System. Respondent No. 2 Iridium LLC (hereinafter at times referred to as "defendant No. 2") is another special purpose company which is the successor to company by name Iridium Inc., which was a 100% subsidiary of defendant No. 1. Iridium Inc., was incorporated on 14th July, 1991 to provide these Iridium services and merged into defendant No. 2-Iridium LLC on 19th July, 1996.

5. Suit-Claim in a outshell :

(i) To put it in a nutshell, the Iridium system is supposed to be the first commercial wireless communication system that is being designed to provide global digital service to hand-held telephones similar to todays cellular phones. The Iridium System was expected to provide (i) digital data, (ii) facsimile, (iii) paging, and (iv) geolocation services to subscribers. These services were to be delivered through a low earth orbiting satellite constellation. Some 66 satellites were designed to communicate directly with hand-held subscriber equipments, with one another and with terrestrial interconnection points known as Gateways as well as with ear