Pradeep Nandrajog, J.

1. It is now well-recognized that post second world war, some believe that influenced by the liberal features of the economic policies of the United States of America, a new economic order and a new kind of State emerged, which promoted the values and ideals of professionalism, scientific and technical expertise, administrative competence and neutrality in governance. The shift was from rowing to steering. The era of liberalization emerged all over the globe; some countries adopted it immediately after the second world war and some slowing and grudgingly, realizing that in the global economy the municipal governance had to be in sync with the current global thinking. Many believe (wrongly in our opinion) that the regulatory regime was the consequences of the new form of governance, shifting from rowing to steering.

2. Even in the pre-liberalization era, two modes of regulation governed important enterprises for most of the twentieth century : (i) regulation of privately owned enterprises was done mainly through company law; and (ii) key industries and utilities were governed through various forms of public ownership, of which the nationalized corporati