V. GOPALASWAMY, J.

( 1 ) THE petitioner No. 1 Bhabagrahi Panigrahi is the Managing Director of M/s. Premier Industrial Salts and Chemicals (Pvt.) Limited (petitioner No. 2), a company, incorporated under the Indian Companies Act, 1956 (hereinafter referred to as 'the Company') carrying on business in the manufacture and sale of Sodium Dichromate by establishing a plant at Jagatpur in Cuttack district. The petitioners Nos. 1 and 2 have filed this writ application under Art. 226 of the Constitution of India challenging the action of opposite party No. 2, the Orissa State Financial Corporation (hreinafter referred to as `the Corporation'), in taking over the possession of the Industrial Concern of the petitioner-Company with the right to sell in exercise of its power under S. 29 of the State Financial Corporation Act, 1951 (hereinafter referred to as `the Act') in pursuance of the notice under Annexure-1 and handing over the possession of the same to the opposite party No. 3 M/s. Kalinga Chemicals, a partnership firm (hereinafter referred to as 'the Firm'), of which opposite party No. 4 S. K. Routray is a partner. Opposite party No. 1 is the Union of India.

( 2 ) ACCORDING to the pe