K. M. MEHTA, J. ( 1 ) OIL and Natural Gas Corporation Ltd. (hereinafter referred to as "ongc") appellant (original applicant) has filed this appeal under Section 483 of the Companies Act, 1956 (hereinafter referred to as "the Act") challenging the judgment and order passed by the learned Single Judge whereby the application being Company Application No. 445 of 2000 in Company Petition No. 121 of 1995 preferred by the appellant has been rejected. ( 2 ) THE facts giving rise to this appeal are as under:background OF THE MATTER: (1) ONGC was initially a department of the government of India but, in view of its expanding activities in the search for strategic and vital materials like oil, petroleum and its products it was set up as a body corporate. It is now a statutory corporation constituted by and under the oil and Natural Gas Commission Act (Central Act 43 of 1959, hereinafter referred to as "the Act" ). The act provides for the establishment of a Commission "for the development of petroleum and petroleum products produced by it and for matters connected therewith". Section 2 (f) of the Act defines "petroleum" as having the same meaning as in the petroleum Act, 1934 (Act 30 of 1934) and as including "natural gas". The Commission established under the Act took over the previously existing organization with effect from September 18, 1959. (2) In the course of its drilling and exploration of oil, ONGC discovered oil-bearing fields in Cambay and Ankleshwar region in 1959 and 1961 respectively. In most of the oil fields situated in Gujarat, gas comes out along with crude oil and is commonly known as "associated gas". In Cambay area, gas is unaccompanied by crude oil and is known as "free gas". This is easily combustible and can be used as domestic as well as industrial fuel. We are concerned here with both these commodities which are generally known as "natural gas" and we shall refer to them compendiously as "gas". (3) At that time, there were very few industries set up in and around Vadodara and these depended, besides electricity, on other forms of energy generated through coal or furnace oil. We are concerned here with both these commodities which are generally known as "natural gas" and we shall refer to them compendiously as "gas". (3) At that time, there were very few industries set up in and around Vadodara and these depended, besides electricity, on other forms of energy generated through coal or furnace oil. In July 1967, the supply of gas to some of these industries in and around Vadodara city was started, initially as a temporary measure pending the effective materialisation of the Gujarat Fertilizer corporation demand, after which the industries were to go over to fuel oil if gas could no longer be supplied. After a series of discussions, the federation of Gujarat Mills and Industries agreed to a price of Rs. 100/- per unit of Ankleshwar gas for this supply. Among the industries that thus received gas supply were originally some ten respondents in appeal before the Supreme Court (respondents 2 to 10 in these appeals) who have formed themselves, in september, 1978, into an association called "the association of Natural Gas Consuming Industries of gujarat" It may be noted that out of 10 respondents we are concerned with Ambica Mills respondent No. 1 only which has gone in liquidation and therefore the official Liquidator of High Court is representing it. The supply to these industries " extended later to a few more " was based on individual contracts entered into with each one of the concerns. Initially, ONGC entered into contracts valid for a period of five years at a time but, subsequently " it is said, due to fear of possible shortage in the availability of enough gas " this was changed and the contracts were, generally, made annual, except in regard to certain public sector undertakings and, it is said, a few companies. The rates of supply were also slowly stepped up as can be seen from the following table: