JUDGMENT/ORDER :

1. Petitioners are former employees of the Tata Oil Mills Company Limited and in that capacity, were members of the second respondent Union. The Tata Oil Mills Company was established in the year 1919 and the second respondent Union was registered in the year 1939, in accordance with the provisions of the Trade Unions Act, 1926. At the time of its registration, the Union had about 2000 members and with their contribution, had purchased 16 cents of land in Cochin. Subsequently, a building was also constructed in the property, portion of which was let out for rent. In 1993, the Tata Oil Mills Company merged with Hindustan Lever Limited. Following the merger, more than 900 employees opted to retire under the Voluntary Retirement Scheme and thereafter, no further appointment was made by the Company. Resultantly, the number of employees in the Company reduced drastically, which resulted in reduction in the number of members in the second respondent Union also. Faced with such a situation, the existing members of the Union decided to sell the landed property and the building thereon.

2. The petitioners and the other retired employees of the Company have registered an assoc