N.J. JAMADAR, J.

1. By this petition under Article 226 of the Constitution of India, the petitioners seek a writ or direction to quash and set aside the land acquisition proceedings initiated in accordance with the notification dated 24th December 1992 issued under Section 4 of the Land Acquisition Act, 1894 (hereinafter referred to as 'the Act, 1894), and the consequent proceedings thereunder in respect of an office premises, situated on the 3rd floor of a building known as "Reliance Centre" at Ballard Estate, Mumbai (hereinafter referred to as 'the subject property').

2. Though the instant litigation has a chequered history, spanning almost half a century, the background facts, essential for the determination of the present controversy, can be summarized as under :-

The petitioner No.1 is a company incorporated under the provisions of the Companies Act, 1956. It is a part of the Reliance Group of Companies. The subject property, then owned by Reliance Industries Limited, was initially requisitioned by the Controller of Accommodation under the provisions of Section (4)(a) of the Bombay Land Requisition Act, 1948, by order dated 23rd January 1970. As the subject property rem