The Hon’ble Sri Justice C.V.Nagarjuna Reddy Writ Petition No.13139 of 2007 Dated 29th March, 2010 Between: Mark Raj Kumar …Petitioner And 1.A.P.Industrial Development Corporation Ltd., rep. by its Chairman & Managing Diretor, Parisrama Bhavanam, Basheerbagh, Hyderabad and another. …Respondents Counsel for the Petitioner: Mr.L.Venkateswara Rao Counsel for Respondent No.1: Mr.S.Sriram Reddy Counsel for Respondent No.2: ----- The Court made the following: Order: This Writ Petition is filed for a Certiorari to quash proceedings No.GM(M&R.AM&RR)/1-MAPCS/379/2007, dated 5th June, 2007, and proceedings No.1 AGM(AM&RR)/ I-MAPCS/2413/2007, dated 29-11-2007, issued by respondent No.1 At the hearing, it is represented by Sri L.Venkateswara Rao, learned Counsel for the petitioner, and not disputed by Sri S.Sriram Reddy, learned Standing Counsel for respondent No.1, that the issue raised in this Writ Petition is adjudicated by the Apex Court in Karnataka State Financial Corporation vs. N.Narasimhaiah and other[1], wherein the Supreme Court held that the financial institutions under the State Financial Corporations Act, 1951, has no power to invoke Section 29 of the said Act to sell the properties given as securities by third parties. Following this ratio, the Writ Petition is allowed with liberty, however, to respondent No.1 to initiate proceeding in respect of the said security under Section 31 of the Act. _____________________ C.V.Nagarjuna Reddy, J Dated 29th March, 2010 lur [1] (2008) 5 Supreme Court Cases 176