HC dismissed WP Filed against Credit Rating Agency as it is Private Body & Not ‘State’ as per Constitution

Mahasemam Trust Vs Union Of India (Madras High Court) The issue under consideration is whether the writ petition filed against credit rating agency by stating that they are not authorised to discharge ‘Public Functions’ as it is not characterised as ‘State ‘ will be sustain in law? In the instant case, the writ petitioner is a registered public trust. Its activities include micro-financing women Self Help Groups. It is a Non-Banking Finance Company (NBFC). The petitioner is a client of the third respondent which is a credit rating agency. The rating agency has downgrade...