Judgment

DESAI, J.:- This appeal was dismissed by an order made by us which reads as under:

"Having heard Mr. R. P. Bhatt, learned counsel for the appellant and Mr. F. S. Nariman, learned counsel for the respondents, we dismiss C. A. No. 1099/82 and vacate all interim orders made by this Court.

We further direct that the appellant-Corporation shall, release Rs. 10 lakhs in favour of the respondent within one month from today, the time of one month being fixed at the request of the appellant The balance is required to be spread over a reasonable period so as not to inconvenience the parties. If any difficulty arises, liberty to move. Reasons will follow."

Here are the reasons :

2. How a public sector corporation set up to give impetus to industrial development of the country a promise of planned economy aimed at job expansion to liquidate the curse of unemployment, and larger production helping price stabilisation acts in a manner contrary to its raison d etre and becomes counter-productive is aptly illustrated by the facts of this case.

3. The Gujarat State Financial Corporation (Corporation for short) is a corporation set up under Section 3 of the State Financial Corporations Act, 1951.