The State of Maharashtra had acquired two pieces of land having an aggregate area of 124024 sq. mtrs. on 15th October, 1958 and 17th January, 1969 for establishment of the industry of the respondent no. 2. Two sanads were executed by the State Government in favour of the respondent no. 2, one dated 29th November, 1969 in respect of the land acquired on 15th October, 1958 and the other dated 23rd June, 1975 in respect of land acquired on 17th January, 1969. There was a condition in the sanads which gave a right to the respondent no. 2 to dispose of the land with the previous permission of the Government in writing. It is not in dispute that the respondent no. 2 had set up an industry on a major part of the land admeasuring 124024 sq. mtrs. According to the respondent no. 2, since about 28000 sq. mtrs. of land was utilized only for the activity of storage of finished goods, the respondent no. 2 decided to shift that activity to another location and seek the permission of the State Government to alienate the land. On 10th March, 2008 an Agreement for Sale-cum-Development in respect of the land in question was executed between the respondent nos. 2 and 5 and it was mentioned in the said Agreement that the sale would be subject to the prior permission of the State Government. Before entering into an
