RAMANUJAM J.

These writ appeals arise out of the common judgment dated February 9, 1983, rendered by Padmanabhan J. in W. P. Nos. 3180 and 3208 of 1979 (A.S P. Aiyer v. Reserve Bank of India dismissing the same. The appellants herein had filed the above writ petitions praying for the issue of a writ of mandamus directing the respondents herein to forbear from enforcing the Miscellaneous Non-Banking Companies' (Reserve Bank) Directions, 1973 (hereinafter referred to as "the Directions"), on the ground that the said Directions are not valid and enforceable. These writ petitions having been dismissed by Padmanabhan J., the appellants have filed these appeals reiterating the contentions which they urged before the learned judge.

The appellants are partners of the Palghat Credit Corporation, a partnership firm registered under the Indian Partnership Act, 1932. They are also shareholders and directors of Palghat Chit Funds (P.) Ltd., a company registered under the Companies Act, 1956 (hereinafter referred to as "the company"). The partnership firm receives deposits from and lends money to the members of the public. During financial crisis of the company, the partnership firm he