( 1 ) BY filing this petition under Art. 226 of the Constitution, Petitioners are praying for quashment of letter dt. 24-2-1997 (Annexure P-1), issued by the Senior Accounts Officer, M. P. Electricity Board to State Bank of Indore/dewas, for encashment of five Bank Guarantees mentioned in the said letter.

( 2 ) FACTS material for deciding the said petition are mentioned hereinbelow;petitioners Nos. 1 and 2 are Mini Steel Plant and Rolling Mill respectively, situated at Dewas. Both the Units are divisions of Reliance Ispat Industrieslimited, a duly registered Company under the provisions of Companies Act. For the purposes of manufacturing their products, the Petitioners need electrical energy, which constitute about 20% of the raw material cost of the plants of the Petitioners, which are intensively power based industries. Respondent No. 1/m. P. Electricity Board (for short referred to as os;board') has been constituted by State Government under S. 5 of the Electricity Supply Act, 1948.

( 3 ) PETITIONERS have furnished five Bank Guarantees in favour of Respondent/board for a sum of Rs. 55,39,000/ -. Since the Respondents are taking steps to encash the bank guarantees