DESHMUKH, C.J. :- This appeal was expeditiously heard at the instance of the counsel for the State Bank of India. According to him, it raises an important question of all India importance and an earlier decision will enable the Bank to adjust its business dealings in the matter of discounting of bills.

2. The facts are not much in dispute. The appellants are the State Bank of India. They have branches all over India and all the former Indian State's Banks have been taken over by them as subsidiary Banks. The State Bank has been created under the State Bank of India Act of 1955 (No. 23 of 1955) and all the former State's Banks and Government associated Banks were taken over by the State Bank of India (Subsidiary Banks) Act, 1959. Various kinds of Banking business are being carried out by the State Bank of India, which include the discounting of bills, or the business of bill-purchase.

3. The State Bank of Mysore is the subsidiary of the State Bank of India. It has a branch at Tiptur in Karnataka. Respondent No. 1, the original petitioner, is the Kalpaka Transport Company Private Limited, incorporated under the Indian Companies Act, and carries on business as a public carrier