Ramachandra Iyer, C.J.-

The appeal and the writ petition referred to above arise out of applications filed under section 33-C (2) of the Industrial Disputes Act, 1947 by Elumalai and Mahomed Khan respectively who were originally employed by the South Arcot Electricity Distribution Co., Ltd. to be referred to hereafter as the Company. The questions that fall to be considered in the two cases are common and it will be convenient to deal with them together. The Company was incorporated in 1943, and having secured a licence from the Government for the purpose, it was doing business in distributing electric energy in the South Arcot District. The undertaking was taken over by the State Government with effect from 1st June, 1957, under section 4 (1) of the Madras Electricity Supply Undertakings (Acquisition) Act, 1954. The Act enables the Government to declare any undertaking not previously taken over by them to vest in itself. On such acquisition, the licensee becomes entitled to compensation. There are three alternative modes for computing the compensation payable, referred to in section 5 of the Act as Basis A, B and C, it being left to the option of the licensee to choose on w