1. - The petitioner was employed with M/s. Jaipur Metals & Electricals Ltd. (hereinafter called as Company). The post of Chairman-cum-Managing Director is being held by an officer of IAS Cadre having been so appointed by the Government on deputation. The other Directors of the Company are either nominees of the State of Rajasthan or of I.F.C.I. or of Employees Co-operative Societies. Because of certain circumstances, the Company was acquired by the State of Rajasthan by enacting the Act i.e. Jaipur Metals and Electricals (Acquisition of Shares) Act, 1986 which received President's assent on 20-11-1986. All the shares of the Company are deemed to have been transferred and vested in the State Government under the provisions of S. 3 of the Act. The Management of the Company was vested in the State as per S. 4 of the Act.

2. The petitioner was initially appointed in the Company on 26-11-1969 vide Annexure-1 as Supervisor and was ultimately promoted as Foreman on 10-2-1975 vide Annexures-2 and 3. Terms and conditions of the service of the petitioner were mentined in the respective orders of appointment/promotion. He was again promoted in July 1988 vide order dated 27-6-1988 as S