MODY, J.:- These are two appeals by the Union of India and the Regional Director. Company Law Board, Western Region. Bombay, against a common Judgment but two separate orders passed in Company Petitions Nos.159 of 1970 and 161 of 1970, the first filed by Tata Engineering and Locomotive Company Ltd., hereinafter referred to as "Telco". and the second by the Central Bank of India Ltd., hereinafter referred to as "the old Central Bank", whereby Mr. Justice Nain as the Companies Judge sanctioned under Sections 391 and 394 of the Companies Act, 1956, an arrangement in the nature of a scheme of amalgamation between the two companies, negativing the contentions of the appellants that the Court should not sanction the scheme without prior approval of the Central Government as required under Section 23(1) of the Monopolies and Restricted Trade Practices Act, 1969, hereinafter referred to as "the Monopolies Act". We also propose to dispose of these two appeals by a common Judgment as both the matters have been heard together and involve common facts and identical points for consideration.

2. On 1st September 1945 Telco was incorporated as a company under the Indian Companies Act. 191