( 1. ) THE petitioner has challenged the proceedings of the first respondent passed under Section 3 of the TNPID Act, 1997 in G.O.Ms.No.1469-Home Police-XIX, dated 17.10.2007 as well as the consequential proceedings of the Tahsildar, Palani, dated 21.01.2008 in Na.Ka.No.30247/07 in and by which, interim order of attachment was passed under Section 3 of the Tamil Nadu Protection of Interest of Depositors in Financial Establishment Act, 1997 (hereinafter referred to as 'TNPID Act') attaching the properties of the petitioner and others and possession of the said properties was taken over.

( 2. ) THE brief facts, necessary for disposal of the writ petition, can be stated as under:

2.1. THE petitioner along with his mother and friends, Thangaraj and Kanakaraj, started a partnership concern in the name and style, 'Sri Kandiamman Finance' at Coimbatore. THE business of the said financial establishment is, to receive money from the public and lend the same to the public for interest and earning a profit for the establishment. According to the petitioner, after establishment of the institution, they collected deposits from the public and paid interest upto 11 lakhs. While so, one B.