( 1 ) THE Reserve Bank of India (in short the `rbi ) under the powers conferred under Section 45mc (1) (d) of the Reserve Bank of India Act, 1934 (hereinafter referred to as the `rbi Act ) filed the winding up petition, cp. No. 191/97 in this Court.

( 2 ) THE relevant portion of Section 45mc (1) (d) of the RBI Act reads as follows:-"45mc. Power of Bank to file winding up petition. (1) The Bank, on being satisfied that a non-banking financial company. . . . . . . . . . . . . . . . . . . . . . . . . . (d) the continuance of the non-banking financial company is detrimental to the public interest or to the interest of depositors of the company, may file an application for winding up of such non-banking financial company under the Companies Act, 1956 (1 of 1956 ). "

( 3 ) EVEN though the original petition does not specify whether it was filed under Section 45mc (1) (d) of the RBI Act, during the hearing of the CA. 1416/90 which was filed by the company convening the meeting of the creditors, the learned counsel for the applicant/rbi had submitted that this petition was filed under Section 45mc (1) (d) of the RBI Act.

( 4 ) THE objects of the respondent Company were averr