1. This original petition is filed by two petitioners jointly. The first petitioner is a partnership firm and the 2nd petitioner is a private limited company. M/s. P. Sahadeva Menon, V. Govindankutty, G. Gopinathan Pillai, K.M.Ramakrishna Pillai and M.A.George are the partners of the firm. They are also the only shareholders of the 2nd petitioner company. The 1st petitioner firm purchased 69.222 cents of land comprised of 43.926 cents in Sy.No.59/6A1 and 25.296 cents in Sy.No.60/1A1 of Edappally North Village by sale deed nos.3987 dated 4.5.1979 and 5188 dated 11.11.1993 respectively, for a total sale consideration of Rs.2,55,407/-. The firm started a small scale industrial unit, engaged in the business of manufacturing laboratory chemicals, reagents etc. In the land bought by them they constructed factory buildings in 1980, 1988 and 1995 for the purpose of their business.

2. The firm entered into an agreement with the company for sale of the said land and buildings for a total sale consideration of Rs.60 lakhs, of which Rs.50 lakhs were to be paid by D.D. or pay order drawn on any bank and the balance Rs.10 lakhs were to be credited to the account of each of the five par