IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 1290 of 2008 DATE OF DECISION : 29.01.2008 Chiranjiv Singh .... PETITIONER Versus Punjab State Industrial Development Corporation Limited and another ..... RESPONDENTS CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTAL HON'BLE MR. JUSTICE RAKESH KUMAR GARG Present: Mr. Rahul Sharma, Advocate, for the petitioner. * * * SATISH KUMAR MITTAL, J. ( Oral ) Petitioner Chiranjiv Singh has filed this writ petition under Articles 226/227 of the Constitution of India for quashing of the letter dated 16/17.11.2007 (Annexure P-7) and further for issuing direction to respondent No.1 Corporation to transfer its equity share holding in M/s Healthcaps India Limited to the petitioner and his nominees after receiving the balance OTS amount in accordance with the OTS Policy. We have heard counsel for the petitioner. In this case, the petitioner had obtained a loan from the respondent Corporation under buy-back agreement and subsequently, he did not make the payment in accordance with the said agreement. Thereafter, CWP No. 1290 of 2008 -2- the respondent Corporation gave a concession under the OTS Policy. Even according to the said Policy, the petitioner did not make the payment. Consequently, the impugned letter (Annexure P-7) was issued. The only contention raised by counsel for the petitioner is that the respondent Corporation asked the petitioner to give some undertaking as per the form supplied and the petitioner wrote a letter that he was not in a position to comply with the said undertaking, but the fact remains that the petitioner did not make the payment and consequently, the impugned letter was issued. It is pertinent to mention here that the petitioner neither made the actual payment nor made any offer. In these facts and circumstances of the case, in exercise of the inherent power of this Court under Articles 226/227 of the Constitution of India, we do not find any ground to interfere in the impugned action of the respondent Corporation. Dismissed. ( SATISH KUMAR MITTAL ) JUDGE January 29, 2008 ( RAKESH KUMAR GARG ) ndj JUDGE