The factual matrix in short compass is that the Sahara India Limited has started a scheme known as Golden Key Scheme by means of which it invited persons to subscribe certain amount of money for certain period and thereafter they would return the said amount after expiry of the said period with some interest and during the period of the said Scheme they would also give prizes after drawing lots.

2. After coming into force of the Scheme (Banning) Act, 1978 an embargo Prize Chits and Money Circulation was put under the provisions of the aforesaid Act for running such a Scheme. Being aggrieved against the afore said action, the petitioners preferred writ petition before Honble Supreme Court. After the judgment in the case of M/s. Secured Investment Company v. State of U. P. , interim orders passed in the writ petition filed by Sahara India Limited stood vacated but the writ petitions remained pending. Ultimately, the writ petition filed by Sahara India was also dismissed on 18th February, 1993. Before parting with the case, the following observations were made by Honble Supreme Court:

"we may, however, observe that the Registrar of the Firms while taking action against the persons or f

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