( 1 ) THE petitioners through these petitions styled as public interest petitions are seeking to challenge the pricing of the preferential shares for purchase by the foreign companies in pursuance to the relaxed norms permitting such preferential shares to be so offered. The question essentially raised before the court is that the determination of the share price was not in accordance with the policy of the Reserve Bank of India (for short rbi ) or securities and Exchange Board of India ( for short sebi ) or the guidelines under the provisions contained in Capital Issues Control act, 1947 (for short cic Act) (which has been repealed w. e. f. 29th May, 1992 ). In wp (C) No. 2094/1996 the solitary petitioner is a shareholder of a company known as castrol India Limited, respondent No. 3 herein. This company by letter dated 27th July, 1993, a copy of which produced on record as annexure c at page 19, approached the ministry of Industries, Govt. of India and made an application for foreign investment. In view of the new Industrial Policy for bringing foreign exchange, a decision was taken by the company that Castrol Limited, U. K. , be offered additional equity of 3