https://www.taxtmi.com/caselaws?id=109670 A State Financial Corporation's exercise of power under section 29 of the State Financial Corporations Act to take over and sell a defaulting industrial unit was upheld in writ proceedings. Prior notice before sale was not held to be mandatory under the provision, and notices had in fact been issued with wide publicity. Judicial interference under Articles 226 and 227 was found appropriate only on proof of statutory violation, unfairness, unreasonableness, or supported allegations of mala fides. The petitioner failed to lay a factual foundation for mala fides, did not show circumstances beyond its control preventing repayment, and could not establish illegality from the sale price alone. en-us Fri, 08 Aug 2003 00:00:00 +0530 Wed, 11 Apr 2012 12:58:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109670 A State Financial Corporation's exercise of power under section 29 of the State Financial Corporations Act to take over and sell a defaulting industrial unit was upheld in writ proceedings. Prior notice before sale was not held to be mandatory under the provision, and notices had in fact been issued with wide publicity. Judicial interference under Articles 226 and 227 was found appropriate only on proof of statutory violation, unfairness, unreasonableness, or supported allegations of mala fides. The petitioner failed to lay a factual foundation for mala fides, did not show circumstances beyond its control preventing repayment, and could not establish illegality from the sale price alone. Case-Laws Companies Law Fri, 08 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109670