1. Heard the learned counsel for the petitioner and the learned counsel appearing on behalf of the respondents.

2. It is stated that the petitioner company is one of the highly reputed companies in the business of Information Technology and Software Consulting. The petitioner has executed several turnkey projects for some of the top companies in India and in some foreign countries. As such, the petitioner had procured large tracts of land for setting up a world-class software centre, at Sholinganallur, Chennai.

3. It has been further stated that M/s.Gum (India) Limited, a Public Limited Company had one of its manufacturing facilities at Sholinganallur. Two plots of land, in Survey Nos.408/9, 408/10, situated in Sholinganallur Village, were lying adjacent to the software centre, established by the petitioner company. Therefore, the petitioner company was interested in buying the said plots of land, from M/s.Gum (India) Limited. At the time of the negotiations M/s.Gum (India) Limited had assured the petitioner company that the property in Survey No.408/10, in Sholinganallur Village, measuring an extent of 1.038 acres was free from encumbrances. Two other properties of M/s.Gu