( 1 ) THE present matter arises out of the objection preferred by M/s Anadilal Poddar and Sons Limited, a Company incorporated under the Companies Act having its registered office at 36, Chowringhee Road, Calcutta (herein after referred to as Poddars) against the order of attachment passed by the Commissioner, Sanchaita Investments, on 17th September, 1993 in Objection Case No. 166 of 1993 in terms of the orders dated 4. 5. 83 and 27. 9. 83 passed by the Supreme Court in writ petitions No. 638-757-800 of 1983.

( 2 ) THE Sanchaita Investments was a partnership firm established in the year 1975 with the sole object of collecting money by way of deposits alluring the prospective depositors with the offer of incredibly high rate of interest. Within a short period of 3 to 4 years the said firm had been able to collect deposits which mounted to astronomical figure of more than 100 crores of rupees. The partners of the firm realised that it would not be possible for them to continue their business for a long period and that they would have to stop payment of such high rate of interest and close their business. From the very inception they adopted a policy of diverting th