As per case facts, the State of Rajasthan allotted industrial land in Kota to JKSL under the 1959 Rules. Later, as a sick company, JKSL's leasehold was transferred to Respondent ... No. 1 through a rehabilitation scheme, with new lease deeds executed by the Collector. Respondent No. 1, failing to operationalize the industrial units, sought conversion of a portion of this land for commercial use and sub-division from RIICO, which granted approvals. Following a change in government, a Cabinet Committee reviewed and cancelled RIICO's permissions. The High Court set aside this cancellation, leading the State and RIICO to appeal to the Supreme Court. The question arose whether the State Government or RIICO had the ultimate authority over the land for land use conversion and sub-division, and if the cancellation by the State violated principles of natural justice, legitimate expectation, or promissory estoppel. Finally, the Supreme Court ruled that the State Government always retained ownership and control over the industrial land, and RIICO acted beyond its authority in granting approvals for land conversion and sub-division. Consequently, these approvals were legally invalid, meaning no vested rights accrued to Respondent No. 1. Therefore, claims of natural justice violation, legitimate expectation, or promissory estoppel were untenable. The Court upheld the State's cancellation of RIICO's permissions, affirming the State's power to issue such directions to RIICO and finding compliance with the Rules of Business. Respondent No. 1 was permitted to seek fresh approvals from the State under applicable rules, with worker union claims to be pursued in other appropriate forums.