G. P. SINGH, C. J.

( 1 ) THE Caltex Petroleum Corporation is a foreign company incorporated in the state of Delaware in the United States of America. One of its subsidiaries, namely, the Caltex Oil Refining (India) Limited (an Indian Company), hereinafter referred to as the Caltex Oil Refining, was carrying on the business of refining crude oil and producing petroleum products in India. Another subsidiary of the Caltex Petroleum Corporation, namely, the Caltex (India)Limited (a foreign company) incorporated in Bahamas Islands, hereinafter referred to as the Caltex (India), was carrying on through its undertakings in india the business of marketing and distributing petroleum products. The president of India, on 30th Dec. 1976 promulgated the Caltex (Acquisition of shares of Caltex Oil Refining (India) Limited and of the Undertakings in India of caltex (India) Limited) Ordinance, 1976. The Ordinance was replaced by an Act (Act No. 17 of 1977) bearing the same name. The Act was enacted on 23rd Jan. 1977 but was given retrospective effect from 30th Dec. 1976. By Section 3 of the Ordinance and the Act all the shares in the capital of Caltex Oil Refining stood transferred to and vested i

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