In law, the word ‘Compensation’ means ‘fair and equitable compensation’. What is to be fair and equitable compensation ? Parliament, under the amendment of Pt. Jawaharlal Nehru, is not the final authority to decide that. The Parliament or the State legislatures may fix any amount or specify any principles to determine compensation, yet the Supreme Court will finally decide whether the amount fixed or the principles specified to determine compensation ensure fair and equitable compensation. So the final decision lies with the Supreme Court in the amendment moved by Pt. Nehru, and it can well declare that the principles specified by the Parliament for determining compensation are ‘fraudulent’. The Supreme Court and not the Sovereign Parliament is thus the ultimate authority to decide what is ‘fair and equitable compensation’. So you cannot acquire the key industries of the country and nationalise them, because, you cannot pay fair and equitable compensation. You cannot acquire even the zamindari property in any other province, e.g., in Rajasthan, for the same reason.. If the article is passed in the form proposed by the Honourable the Prime Minister. It will mean permitting the capitalistic system in the country to remain intact. We cannot nationalise the key industries, nor even take over the zamindaries, except in the province of the U.P.
