D.K.DESHMUKH, J.

1. The facts that are material and relevant for deciding this petition are that the first petitioner is a company incorporated pursuant to the provisions of the Indian Companies Act,1913 and now governed under the provisions of the Companies Act,1956. The second petitioner is a shareholder of the petitioner no.1 Company.

2. The First Petitioner is the owner of lands situated at Village Panchpakhadai, at Thane and Village Majiwade at Thane. On the commencement of the Urban Land (Ceiling & Regulation) Act, 1976 (hereinafter referred to as “the ULC Act”), pursuant to the First Petitioner’s Return dated 14th August, 1976 under Section 6(1) of the ULC Act, the Competent Authority passed an Order dated 28th September, 1984 under Section 8(4) of the ULC Act declaring a large area as surplus vacant land. The First Petitioner challenged the aforesaid Order before the Additional Collector, Thane, who by his Order dated 29th April, 1985 stayed the operation of the Order dated 28th September, 1984 and eventually by Order dated 19th February, 1990 remanded the matter back to the Competent Authority for fresh adjudicatio