Indian Kanoon - Search engine for Indian Law

11] Even accepting and following the above legal principles it is apparent that the petitioner is not entitled to invoke any benefit therefrom as will be demonstrated herein.

12] It needs to be emphasized that admittedly the plots A4 to A9 belong to the statutory corporation and in a sense vests in the Government body. It is trite that any transaction for disposal of such property vesting in a corporation as contemplated u/s 39 of the MIDC Act, 1961 cannot take place by private negotiations. Respondents 2 and 3 who are the officers of the corporation are expected to act with utmost transparency without there being any prejudice to the interest of the corporation. In view of such position, the petitioner's version that the respondents 2 and 3 had offered to lease out the plots A4 to A9 does not hold any water for more reasons than one.