S. Ravindra Bhat, J.

1. The writ petitioner seeks a direction that the continued management of the venture capital assistance agreement between it and the first respondent (hereafter called the SIDBI), through a letter dated 31.3.1997 and the agreement dated 25.6.1997, are illegal and arbitrary. A direction is sought to SIDBI to transfer the petitioner's account from its establishment to that of the second respondent (hereafter called "SIDBI Venture"). A further declaration is claimed that SIDBI's action in invoking the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter called SARFAESI Act) is void, illegal and without jurisdiction.

2. The petitioner was incorporated in 1990 and was established for manufacturing and dealing in Gel Bone and its allied products. It converted into a Private Limited Company on 14.5.1991. It is stated that on 7.2.1990, the Central Government in exercise of its powers under Section 2 (c) (xvii) of the Industrial Development Bank of India Act, ("IDBI Act") specified that financial assistance by way of venture capital, risk capital, factoring and discounting were deemed