- (1.) This order will dispose of Civil Appeal No. 448 of 1989 and the batch coupled with Writ Petition No. 1092 of 1991 and the batch. Civil Appeal No. 448 of 1989 arises from the judgment of the Karnataka High Court at Bangalore dated 29th April, 1988 passed in Writ Petitions Nos. 19321/ 86, 17110/ 84, etc. (reported in AIR 1989 Kant 125).
(2.) The above appeals and writ petitions involve challenge to constitutional validity of the Chit Funds Act, 1982 (Central Act No. 40 of 1982) (hereinafter called as 'the Act' or 'the impugned Act').
(3.) The various appellants/petitioners are either Public/Private Limited Companies incorporated under the Companies Act, 1956 or proprietary or partnership concerns or individual organisers. According to Section 1(3) of the Act it will come into force on such date as the Central Government may by Notification in the Official Gazette, appoint and different dates may be appointed for different States. In all these matters, apart from challenge to the vires of various provisions of the Act, the legislative competence of Parliament, which enacted the Act has also been challenged.;