( 1 ) CONSTITUTIONAL validity of the Chit Funds Act, 1982 (Act No. 40 of 1982) (in short 'the Act') is challenged in this batch of writ petitions.

( 2 ) IN Writ Petition No. 17110 of 1984 the petitioner is a Chit Fund Company registered in Tamil Nadu under the Tamil Nadu Chit Funds Act. But it is carrying on the business in Bangalore through its branch office. The business in Bangalore is part of the total business carried on in Tamil Nadu and no separate balance sheet or audit report for the Bangalore branch is prepared and drawn up for the purpose of the Companies Act, 1956. (1) Petitioner in Writ Petition No 8744 of 1986 is a registered partnership firm and it has averred that its main o object is to promote the business of chit for the benefit of the common people. All the members of the partnership firm are alleged to be financially sound with good financial background and necessary experience in the Chit Fund business. (2) Petitioner in Writ Petition No. 15062 of 1985 is a private limited Company registered under the Companies Act and it carries on Chit business only, within the framework of the Companies Act and claims that its business is subject to inspection b