IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE SEVENTEENTH DAY OF JUNE TWO THOUSAND AND FOUR PRESENT THE HON'BLE SRI DEVINDER GUPTA,THE CHIEF JUSTICE and THE HON'BLE MS JUSTICE G.ROHINI WRIT PETITION NO : 6662 of 2003 Between: 1. E.Jagadishwar Reddy, S/o.E.Kucha Reddy, aged 37 years, Director M/s.Rigel Technologies Ltd., R/o.H.No.5-5-772, Goshamahal, Hindi Nagar, Hyderabad. 2. M.Vijay Bhaskar Reddy, S/o. Nagi Reddy, Aged 48 years, Director M/s.Rigel Technologies Ltd., R/o. 12-13-1124, Tarnaka, Secunderabad. ..... PETITIONERS AND 1. The Union of India, Rep by its Secretary, Ministry of Law, Shastri Bhawan, R.P.Road, New Delhi. 2. M/s. Prudential Co-op Bank Ltd., 8-1-381, R.P.Road, Secunderabad. Rep. By Asst. General Manager. .....RESPONDENTS Petition under Article 226 of the constitution of India praying that in the circumstances stated in the Affidavit filed herein the High Court will be pleased to issue a writ of Mandamus or any other appropriate writ, order or direction, declaring the Securitisation and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 more particularly Sections 13 & 34 thereof as invalid, oppressive and violative of rights of petitioners guaranteed under the Constitution of India, and consequently declare the impugned notice dated: 19-2-2003 issued by the 2nd respondent under Section 13(2) of the Act as arbitrary, unconstitutional and violative of principles of natural justice, and offending Articles 14,19 (1) (g) and 300-A of Constitution of India. Counsel for the Petitioner:MR.A.S.C.BOSE Counsel for respondent No.1: SC for Central Govt Counsel for the Respondent No.2: MR.S.ASHOK ANAND KUMAR The Court Made the Following ORDER: (per Hon’ble Sri Devinder Gupta, The Chief Justice) In view of the decision of the Hon’ble Supreme Court in Transfer Case (Civil) No.92-95 of 2002, dated 8th April, 2004 [MARDIA CHEMICALS LTD v UNION OF INDIA & ORS], challenge to the provisions of the Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is not tenable and for that reason relief prayed for in this writ petition cannot be granted. Writ petition is, therefore, dismissed. ______________________ DEVINDER GUPTA, CJ ______________________ G.ROHINI, J 17th June, 2004. nmr ASSISTANT REGISTRAR // TRUE COPY // SECTION OFFICER To 1. The Union of India, Rep by its Secretary, Ministry of Law, Shastri Bhawan, R.P.Road, New Delhi. 2. M/s. Prudential Co-op Bank Ltd., 8-1-381, R.P.Road, Secunderabad. Rep. By Asst. General Manager 3. 2 CD copies.