JUDGMENT

Bhan, J.—The final judgment and order dated 10th of October, 2003, passed by the High Court of Judicature at Bombay, Nagpur Bench at Nagpur in Writ Petition No. 153 of 2003 dismissing the writ petition filed by the appellant, is under challenge in the instant appeal. By the impugned order, the High Court has declined the prayer of the appellant to quash the auction of the properties including the plants and machinery of the appellant, which were mortgaged in favour of SICOM Limited (the first respondent herein).

2. The short question that arises for our consideration in this appeal is, whether SICOM (the first respondent) is a State Financial Corporation within the meaning of and governed by the State Financial Corporations Act, 1951 (for short “the Act”)?

3. To appreciate the question, it would be necessary to state the facts giving rise to the present appeal, which are in brief as follows:

The first respondent, formerly known as “The State Industrial Investment Corporation of Maharashtra Limited” (SIICOM), is a company established under the provisions of the Indian Companies Act, 1956, by the Government of Maharashtra in the year 1966, with 100 per cent shares being owned by