JAWAHAR LAL GUPTA, J.

1. The petitioners pray that the Haryana Public Moneys (Recovery of Dues) Act, 1979 be declared ultra vires the Constitution and that the demand notice dated February 26, 1997 by which the Haryana Financial Corporation has called upon the petitioners to buy back the two hundred thousand equity shares, be quashed. A few facts as relevant for the decision of this case may be briefly notices.

2. M/s. Apex Multitech Limited is a Public Limited Company. Petitioner No. 1 is the Managing Director while petitioner Nos. 2 and 3 are its Directors. The Company has two Units in the Industrial area, Phase-II, Panchkula. The Company and the Haryana Financial Corporation had entered into certain financial transactions. For the decision of the controversy involved in the present case, it would suffice to notice that on August 13, 1996, the Haryana Financial Corporation issued a recall notice to the Company for an amount of Rs. 2,18,44,424/- with interest. A copy of this notice has been produced as Annexure P.11 with this writ petition. The company was called upon to immediately pay the amount failing which it was said that the unit will be taken over for recovery of d