https://www.taxtmi.com/caselaws?id=169466 A State law acquiring scheduled sugar undertakings was held to be valid because, in pith and substance, it operated as an acquisition measure under Entry 42 of List III rather than a law regulating the sugar industry. The central declaration under the Industries (Development and Regulation) Act, 1951 displaced State power only within the field of regulation and control, not acquisition of ownership. The compensation scheme also survived scrutiny because it was based on relevant valuation principles and was not illusory, while the selection of undertakings was upheld under Article 14 as a rational classification based on severe financial distress and its impact on cane growers and labour. en-us Wed, 02 Apr 1980 00:00:00 +0530 Tue, 21 Apr 2015 15:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169466 A State law acquiring scheduled sugar undertakings was held to be valid because, in pith and substance, it operated as an acquisition measure under Entry 42 of List III rather than a law regulating the sugar industry. The central declaration under the Industries (Development and Regulation) Act, 1951 displaced State power only within the field of regulation and control, not acquisition of ownership. The compensation scheme also survived scrutiny because it was based on relevant valuation principles and was not illusory, while the selection of undertakings was upheld under Article 14 as a rational classification based on severe financial distress and its impact on cane growers and labour. Case-Laws Indian Laws Wed, 02 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169466