https://www.taxtmi.com/caselaws?id=108311 The acquisition statutes for HPCL and BPCL were construed to preserve State ownership and control for a public purpose, and section 7 was treated as permitting vesting only in a Government company. The statutory scheme and control mechanisms meant the undertakings could not lose their Government company character through executive disinvestment alone. Because the Acts contained no express or implied authority to transfer the undertakings into non-Government companies, any privatisation that changed their statutory character required amendment of the governing legislation. The issue was decided in favour of the petitioners. en-us Tue, 16 Sep 2003 00:00:00 +0530 Thu, 13 Mar 2014 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108311 The acquisition statutes for HPCL and BPCL were construed to preserve State ownership and control for a public purpose, and section 7 was treated as permitting vesting only in a Government company. The statutory scheme and control mechanisms meant the undertakings could not lose their Government company character through executive disinvestment alone. Because the Acts contained no express or implied authority to transfer the undertakings into non-Government companies, any privatisation that changed their statutory character required amendment of the governing legislation. The issue was decided in favour of the petitioners. Case-Laws Companies Law Tue, 16 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108311