( 1 ) THESE two appeals arise out of the judgment and order dated Sept. 25, 1981 passed by a learned Judge of this Court in Civil Rule No. 2731 (w) of 1980, which was issued on an application under Article 226 of the Constitution of India jointly filed by the Central Manbhum Coal Co. (P.) Ltd. , and Sri Keshab Narayan Banerjee, hereinafter referred to as the petitioner No. 1 and petitioner No. 2 respectively.

( 2 ) THE case of the petitioners is that the petitioner No. 1 was incorporated on Aug. 24, 1948 and is an existing company within the meaning of the Companies Act, 1956. The petitioner No. 2 is a Director of petitioner No. 1. In the late 19th Century one Jadablal Banerjee, the great grandfather of petitioner No. 2, of Birbhum, West Bengal, acquired leasehold interests in some collieries in the district of Dhanbad, including a colliery known as Bhangabandh Colliery, hereinafter referred to as the said colliery, from the Rajas of Jharia. The said colliery was originally leased by the Rajas to Jadavlal Banerjee for a period of 999 years and the latter leased out the coal mining right in the same in favour of one F. W. Heilgers also for 999 years. F. W