JUDGMENT

Dr D Y CHANDRACHUD, J

Centre for Public Interest Litigation, while invoking the jurisdiction of this Court under Article 32 of the Constitution sought diverse reliefs in relation to the conduct of business and affairs of Industrial Finance Corporation of India. The reliefs which have been sought in these proceedings are for :

(i) The removal of Atul Kumar Rai, the Respondent No. 4 from the post of Chief Executive Officer and Managing Director;

(ii) An independent investigation into allegations of administrative and financial irregularities of IFCI;

(iii) A direction to the Union of India to exercise its powers under the “surviving provisions” of the Industrial Finance Corporation;

(iv) Transfer of Undertaking and Repeal Act, 1993, in particular by enforcing its rights for conversion of an investment of Rs. 523 crore in Optional Convertible Debentures into equity.

2. Industrial Finance Corporation of India (IFCI) was established as a statutory Corporation under the Industrial Finance Corporation of India Act, 1948 by the provisions of the Industrial Finance Corporation of India (Transfer of Undertaking and Repeal) Act, 1993. The Act of 948, was repealed and the Corporation was con