JUDGMENT - A.P. SHAH, J. :---By this petition under Article 226 of the Constitution, the petitioners are seeking a writ of mandamus directing the Punjab Sind Bank, the respondent No. 1 to withdraw its letters dated 20th October, 1995 and 6th January, 1996 and to release the working capital of Rs. 2.02 crores in phases in favour of petitioner No. 1 company. The factual antecedents in which the controversy leading to this petition has arisen may be stated first. The first petitioner is a company incorporated under the Companies Act, 1956 and the second petitioner is the managing director of the company. The petitioner No. 1 was initially incorporated as a private limited company and was converted into a public limited company on 21st April, 1992. The company is established to manufacture ingots and alloy steels. The project of the petitioner No. 1 was initially appraised by the Maharashtra State Financial Corporation (MSFC), the respondent No. 2 and accepted by the Canara Bank, wherein term loan was to be granted by the respondent No. 2 and the working capital for the project was to be granted by the Canara Bank. Accordingly, the respondent No. 2 released the term loan to the exten

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