AMIYA KUMAR MOOKERJI, J.

( 1 ) THIS Rule is directed against an order of the Government of India dated 23rd Nov. 1977 by which the Government of India were unable to give their approval to the proposed transaction to sell to the petitioner the net assets of the Ludlow Jute Company Limited, the respondent No. 3, a non-resident Company in terms of the assets purchase Agreement dated the 8th June, 1977 between the said two parties.

( 2 ) THE petitioner company on June 8, 1977 entered into an agreement for purchase of assets of M/s. Ludlow Jute Company Limited. The said Agreement provided that after March, 31, 1977 M/s. Ludlow will work as caretaker of the petitioner company. In para 9. 4 of the said Agreement there is a provision for obtaining approval of the Government of India. The said para 9. 4 reads as follows : government Approval : approval satisfactory to the purchaser and its council to the consumption of the transaction contemplated by this Agreement shall have been obtained from the Government of India pursuant to the provisions of the Foreign Exchange Regulation Act, 1973 and any other applicable laws, rules or regulations of India, and such approval shall be and remain

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