ULDS was a partnership firm which secured a mining lease from the Government of Odisha for mining Iron Ore. The award of lease was subject to several conditions, restrictions and control. The firm informed the government that it was converting itself into a private company, namely, ULDS Pvt. Ltd. The firm stated that it was a mere change of form of its business and the erstwhile partners were the Company's directors. The government acceded and transferred the lease in the name of the company. After this, the partners who were the shareholders, sold all the shares to ABC Pvt. Ltd. The partners who were also the directors, were replaced by new directors. Thus, the Company remained the lessee but people doing the leasing and benefitting from it changed. The Government considered this as violation of terms of the lease whereas the Company contested the decision stating that it is the same company carrying out the mining activity.

1. Articulate arguments on behalf of (a) ULDS Pvt. Ltd.; and (b) Government of Odisha;

2. Decide the present case having regard to the principles of company law and exception(s), if any.