Srikrishna, C.J.

This appeal impugns the judgment of the learned Single Judge dated 5th July, 1994 dismissing the writ petition.

2. The petitioner is an erstwhile shareholder and managing director of a company known as `M/s. Kottayam Textiles Limited'. M/s. Kottayam Textiles Limited was running a textile mill at Ettumanoor in Kottayam District. This textile unit had run into severe financial troubles and was closed for a considerably long period. By a notification dated 6.2.1978 issued under section 18AA of the Industries Development and Regulation Act,1951,the Central Government superseded the Board of Directors of the company and appointed an authorized agent to manage the textile unit. Despite the Central Government pumping in large finances, the viability of the textile unit did not show any improvement and, finally, the textile unit and all assets of the company were taken over by an Act known as `The Kerala Sick Textile Undertaking (Acquisition and Transfer of Undertakings) Act, 1985 (Act 27 of 1985). This Act was reserved for the assent of the President and received assent of the President on 14th October, 1985 and was published in the Kerala Gazette, Extra-ordinar