Bhaskar Bhattacharya, J.: The only question that arises for determination in these applications is whether a credit rating agency has the unfettered right of rating the performance of a Company and publishing the same even though the company has expressly terminated the contract for credit rating and makes it known to the concerned credit rating agency that it will no longer accept or use its rating.

2. The plaintiff is a non-banking finance company engaged in the business of asset financing including leasing and hire- purchase, real estate leasing and bills discounting. The plaintiff is duly registered with the Reserve Bank of India.

3. The respondent carries on business as credit rating agency, inter alia, rating debt commercial programmes of companies including fixed deposit programmes and debenture programmes.

4. Till a few years back, rating of services, programmes or instruments was almost unknown in the business circle of India. Over the past few years, Indian businesses have however started getting their services, programmes and instruments rated with the object of presenting a true image of its services, programmes and performances to the general public.

5. Rating serv