ORDER:- This writ petition is filed for a writ of mandamus to set aside notice dated 26.9.2005 issued by respondent No.2, where under the respondents invoked the provisions of Section 29 of the State Financial Corporation Act, 1951 (for short, 'the 1951 Act') for recovery of Rs.35,79,228/from the petitioners.

2. Petitioner No.1 is a private limited company of which petitioner No.2, represented by two GP A Holders, namely, Salish Kumar Agarwal and Vimal Kumar Agarwal, is the Managing Director. The Andhra Pradesh Industrial Development Corporation Limited, respondent No.1 (for short, 'the Corporation') extended equity of Rs.2.75 lakhs and invested preference share capital of 0.75 lakhs in petitioner No.1 company It also sanctioned a term loan of Rs.3.50 lakhs. The amounts towards the equity and preference share capital were released during the years 1967-69 and a sum of Rs.3,30,733=59ps. towards term loan was released during the period from 19.4.1969 to 4.10.1971 (the respondents in the additional counter-affidavit stated that the averment in their counter-affidavit that the term loan was released in April, 1978 was a mistake). As per the terms governing the parties, the respondents a

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