1. All these writ petitions challenge the constitutional validity of Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (Tamil Nadu Act XIV of 1997). Hence, they are dealt with in a common judgment.

2. For the convenience I shall refer the facts narrated by the petitioner in Writ Petition No. 4157 of 1998. The petitioner Thiru Muruga Real Estate started its business in the year 1984. Vast extent of properties were purchased and layout formed and sold to public for construction of houses. For the past few years, the Real Estate Market was going down by 30 to 40 per cent and there are no immediate purchasers. The petitioner’s firm was formed on 18.4.1994 as a Sister concern for the Thiru Muruga Real Est ate to accept deposit from the public. Deposits were accepted both by the petitioner-firm and also by the Real Estate entity Thiru Muruga Real Estate. From 15.4.1995 deposits were received and within a short span of time, a total of 2.75 crores were raised from the public. Because of the adverse trend in finance market, the depositors of the petitioner Company started demanding repayment and therefore they could not utilise the funds fo