https://www.taxtmi.com/caselaws?id=172163 Power under section 29 of the State Financial Corporations Act must be exercised fairly, reasonably and in conformity with natural justice, because the Corporation acts as a State instrumentality and, upon taking possession, in a trustee-like capacity. Sale of an industrial unit without notice to the borrower, and by accepting a comparatively low private tender on deferred terms, was held unsustainable where the Corporation had not fully disbursed the loan and had not adopted a bona fide, transparent process. Public auction was identified as the normal mode of sale, with private negotiation permissible only in exceptional cases with adequate publicity and disclosure. The sale was quashed and the borrower was to be given an opportunity to redeem. en-us Wed, 12 Feb 1992 00:00:00 +0530 Sat, 11 Jun 2016 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172163 Power under section 29 of the State Financial Corporations Act must be exercised fairly, reasonably and in conformity with natural justice, because the Corporation acts as a State instrumentality and, upon taking possession, in a trustee-like capacity. Sale of an industrial unit without notice to the borrower, and by accepting a comparatively low private tender on deferred terms, was held unsustainable where the Corporation had not fully disbursed the loan and had not adopted a bona fide, transparent process. Public auction was identified as the normal mode of sale, with private negotiation permissible only in exceptional cases with adequate publicity and disclosure. The sale was quashed and the borrower was to be given an opportunity to redeem. Case-Laws Companies Law Wed, 12 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172163