JUDGMENT - M.B. SHAH, C.J.:---Heard the learned Counsel for the parties.

2.The present petition has been filed, in public interest, seeking protection of the interest of several thousands of depositors and investors who have invested their funds in Collective Investment Schemes and other Schemes floated by Plantation Companies promising unreasonably high returns on their investments. One of the prayers which is sought in the petition is that the State Government be directed to forthwith promulgate an Investor Protection Act as was done by the State Governments of Tamil Nadu and Goa.

3.It is the contention of the petitioners that there are approximately 3,599 plantation companies which have succeeded in attracting deposits and/or funds to the extent of approximately 25,000 crores. The petitioners have furnished instances of at least 5 plantation companies which, after promising unconscionably high returns, and after collecting large amount of funds from the depositors, are either not holding plots of land or have issued post-dated cheques which have bounced or have diverted a large portion of the revenue generated into non-agricultural use and unproductive activities.

4.Respondent No.1

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