2000 (3) TMI 940

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....ava for the Respondent. ORDER 1. This petition under article 226 of the 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 an....

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.... the SICA. However, the respondent-corporation proceeded to take over the 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 issuan....

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....y in holding that after the amendment to regulation 19 with effect from 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....

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....o frustrate the legal action taken by the respondent-corporation under 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 que....