JUDGMENT

I.M. QUDDUSI, ACJ. : By means of this writ petition, the petitioner Tor Steel Research Foundation in India (in short, TRFI) which established Orissa Sponge Iron and Steel Limited (in short, OSIL) in collaboration with the Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL) which is a wholly State-owned Government of Orissa Undertaking has sought the relief for restraining IPICOL-Opposite party no.2 from ille¬gal and fraudulent selling, transferring and handing over of their shareholdings in OSIL to any person, party or agency except in accordance with the Articles of Association of the Company.

2. Ordinarily this Court does not interfere with the selling or purchasing of shares but as the petitioner and opposite party no.2 (IPICOL) are the founder shareholders of the OSIL by entering into an agreement between them for establishing the Company and consented for registration of Memorandum and Articles of Association of the Company OSIL which is binding on both parties, this Court entertained the instant writ petition.

3. The brief facts of the case are that with a view to establish a Sponge Iron and Steel unit in the State of Orissa, the Government of