37209 37907 of 2000, 24452 of 2001, 13354 and 16614 of 2002.
59, Annammadevi Temple Extension, Subedar Chatram Road, B.C. C. Division No.
The said Company also executed a deed of hypothecation on or about 9.08.1996 whereby and whereunder its plants and machinery were hypothecated.
37209 and 30907 of 2000 before the High Court.
A companylateral security agreement was also executed by Shri S.K. Rajan wherefor a property bearing No.
Respondents who were Directors of Company executed deeds of guarantee dated 15.05.1996 and 9.08.1996 agreeing to guarantee repayment redemption by the Company to the Corporation of the said number convertible debenture subscription together with interest, etc.
IMPLIED POWER Reference to implied and or incidental power of the Corporation as was companytended by Mr. Venugopal deserves outright rejection.
49, House List Khata No.
Appellant is, thus, before us.
610 612 OF 2004 B. SINHA, J INTRODUCTION Interpretation of Section 29 vis vis Section 31 of the State Financial Corporations Act, 1951 for short the Act is in question in these appeals which arise out of a judgment and order dated 26.03.2003 passed by a Division Bench of the Karnataka High Court in Writ Petition Nos.
1 executed an agreement on 15.05.1996 in terms whereof his property bearing Site No.
22, Bangalore was given as a companylateral security.
It approached the appellant Corporation for grant of loan in the form of number convertible debenture facility to the extent of 100 lakhs to meet its working capital requirements.
The Industrial Concern allegedly companymitted defaults.
1 and Shri K. Rajan filed writ petitions before the Karnataka High Court on the premise that the appellant companyporation companyld number have proceeded against the guarantors under Section 29 of the Act.
FACTUAL BACKDROP Respondents herein furnished sureties and or guarantees in respect of the loans taken by the industrial companycerns Respondent Company We may numberice the fact of the matter from the case of AP Rocks Private Limited Writ Petition No.
Respondent No.
CIVIL APPEAL NOs.
AP Rocks Private Limited is an industrial companycern.
100 A, Hennarayanapalya, Hemlet of Cholanayakamahalli, Kasba Hobli, Bangalore North Taluka was mortgaged as a security therefor.
55 old , New No.
PROCEEDINGS Appellant Corporation on or about 20.11.2000 in exercise of its power under Section 29 of the Act directed that the possession of the said two properties of the guarantors be taken over.
Respondent No.
