B. P. JEEVAN REDDY, CJ.

( 1 ) THESE writ petitions call in question the validity and legality of the sale by Government of U. P. of 51% shares in a wholly Government owned public sector Corporation, U. P. State Cement Corporation Ltd. (UPSCCL) in favour of Dalmia Industries (Respondent No. 5 in W. P. No. 10607 of 1991 ).

( 2 ) IN the State of U. P. , there are only three major cement factories, besides a few small units. All the three major units are in the public sector. They are Churk Cement Factory, Dala Cement Factory and Kajaarhat-Chunar Cement Factory. In 1972, the State Government formed a Government Company known as U. P. State Cement Corporation Ltd. (UPSCCL), which came to own these factories. It appears that two of these factories were started even prior to the incorporation of the Corporation, while the third was installed and commissioned by the Corporation itself.

( 3 ) THE total installed capacity of the three plants is 25. 60 lakhs M. T. per annum. Viewed in terms of their installed capacity, the Corporation is the third largest cement manufacturer in the country. Its Board of Directors is comprised of 15 directors, of which five are nominated by the Governor, two by

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