( 1 ) TWO writ petitions, preferred by the appellants, the Peerless General Finance and Investment Co. Ltd. (hereinafter referred to as ',' the Peerless ") and its shareholder-director, Sunil Kanti Roy, which were registered as C. R. No. 9764 (W) of 1979 and C. R. No. 6832 (W) of 1980 were dismissed on contest by a learned single judge of this court by an order dated March 14, 1986. Feeling aggrieved, the appellants have preferred the present two appeals under Clause 15 of the Letters Patent. Though extensively argued, the point involved is a short one and such a point is common to both the appeals. The point is as to whether the business carried on by the appellant company, Peerless, conies within the prohibition of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

( 2 ) THERE is not much dispute with regard to the nature of business carried on by the Peerless. It carries on a long standing business since 1932 in finance and investment. It offers certain schemes for future provision, children's education, daughter's marriage, house building, fixed pension, etc. The term of deposit varies from 10 to 30 years. Under its endowment certificate scheme, th