9911796707
TMI Blog2000 (3) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... he Constitution is directed against the notice dated 25-2-2000 (Annexure P-5) and the consequent taking over of the unit under section 29 of the State Financial Corporation Act, 1951, by the respondent - The M.P. Financial Corpn., Indore. 2. The facts as unfolded by the pleadings and the documents filed by the parties and which are useful for the purpose of this petition are these : Petition c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company under section 29 of the Act of 1951 and took over possession of the petitioner s unit on 29-2-2000. It is this action of the respondent-corporation, which is called in question by the petitioner, and it is contended that since the enquiry, as contemplated under section 16 of the SICA, had commenced even before issuance of the notice dated 25-2-2000, the action of the respondent-corporation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om 24-3-1994, once the reference is registered and when once it is mandatory simultaneously to call for information/ documents from the informant and such a direction is given, then inquiry under section 16(1) must - for the purposes of section 22 - be deemed to have commenced. Section 22 and the prohibition contained in it shall immediately come into play." 5. In the instant case, it is clear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the provisions of the Act 1951. My attention in this regard has been drawn towards certain documents wherein the petitioner-company is shown to have earned huge profits in the proceeding years 1997-98 and 1998-99. I am, however, not persuaded by the arguments and I am afraid that it is not open for this court to go into the question of sickness or otherwise of the petitioner-company. Needless ..... X X X X Extracts X X X X X X X X Extracts X X X X
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