( 1 ) THIS petition has been filed for issuance of a writ of certiorari for quashing the Letting of Intent dated June 3, 1999 issued by respondent No. 1 in favour of respondent No. 2 in pursuance to Tender No. MTNL 20-80 (235)/98-MM dated 30. 6. 98 and a further relief is sought in the nature of mandamus commanding and requiring respondent No. 1 to award the above said contract in favour of petitioner No. 1.

( 2 ) PETITIONER No. 1 is stated to be company incorporated in Republic of Korea. It is engaged in the business inter-alia of telecommunications and information technology and having an annual turnover of over US $2 billion. The company is part of large business multi-national conglomerate known as LG Group with annual world-wide turnover exceeding US$ 100 billion. Petitioner No. 2 is a company stated to be incorporated in India and is part of the Escorts group of companies. Petitioners 1 and 2 have agreement to jointly do business in India in the field of telecommunications, such as, bidding and execution of contract in question. Respondent No. 1 is referred to as Government company having monopoly in the filed of telecommunication services in India. It is perf