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Shri Kandavel Industries vs Tamil Nadu Industrial Investment ... on 28 February, 1994 cites

Mahesh Chandra vs Regional Manager, U.P. Financial ... on 12 February, 1992

16. Mr. A. L. Somayaji, learned counsel for the Corporation, would submit that since the Supreme Court has laid down the guidelines for the first time in Mahesh Chandra v. U.P. Financial Corporation [1993] 78 Comp Cas 1, the sale effected by the Corporation prior to the date of the said judgment should not be set aside on the ground that such sale did not conform to the guidelines. We are unable to accept the submission of Mr. A. L. Somayaji. The guidelines have been laid down by the Supreme Court only to ensure that actions of financial corporations under section 29 of the Act are fair and reasonable and do not suffer from arbitrariness. Even prior to the said decision, the court exercising the powers under article 226 of the Constitution would be well within its right to set aside the sale made under section 29 of the Act if such powers have been exercised in an arbitrary and unreasonable manner and in violation of any of the statutory provisions. Hence, the position of law remains the same.
Supreme Court of India Cites 17 - Cited by 278 - K Ramaswamy - Full Document
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