(Per : HONOURABLE MR.JUSTICE A.J. DESAI) Heard learned advocate Mr.Harmish K.Shah for the applicant and learned advocate Mr.H.S.Munshaw for the respondent No.1.
The arguments advanced by learned advocate Mr.Harmish Shah for the applicant is that they have not obtained any loan from the respondent No.1 and the respondent No.1 has participated in the appellant company as joint equity shareholders and, therefore, Section 29 of the State Financial Corporation Act is not applicable in the present facts of the case.
On the other hand, learned advocate Mr.H.S.Munshaw appearing on behalf of respondent No.1 prayed for some time to file affidavit-in-reply and also to produce the policy of the Corporation on the record of the case.
Notice returnable on 08.02.2012. Learned advocate Mr.H.S.Munshaw waives service of notice on behalf of respondent No.1 and learned AGP Ms.Jirga Jhaveri waives service of notice on behalf of respondent No.2.
The parties are directed to maintain status-quo till the next date of hearing. Direct service for respondent No.3 is permitted.
(V.M.
SAHAI, J.) (A.J.DESAI, J.) syed/ Top