G. B. PATNAIK, J.

( 1 ) IN these two writ petitions, the action of the financial institution, namely, the Orissa State Financial Corporation (hereinafter referred to as the "corporation") is being impugned by the entrepreneur essentially on the ground that the action of opposite party No. 1, the Corporation, is arbitrary and is calculated to confer undue favour on the Orissa Ceramic Industries Limited (opp. party No. 3 in O. J. C. 340 of 1984 and opp. party No. 2 in O. J. C. 427 of 1984 ). The petitioner also alleges that no due notice of the impugned action being given to the petitioner, there has been a flagrant violation of the principles of natural justice and consequently, the action of the Corporation is vitiated.

( 2 ) AFTER the country became independent, the Industrial Finance Corporation Act came to be enacted in 1948 to set up a Corporation called 'industrial Finance Corporation' with the object that the said Corporation would provide long-term credits to industrial undertakings. With the rapid growth of industries in different States, and to facilitate the object of industrialising the States, it was felt that financial institutions should also be set up in different