K.K. Baskaran vs State Rep By Its ...

The Supreme Court upheld the constitutional validity of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, rejecting the appellant's claims that the Act was beyond the legislative competence of the State Legislature and violated Articles 14, 19(1)(g), and 21 of the Constitution. The Court found that the Act aims to protect depositors from fraudulent financial establishments and provides necessary measures for the recovery of dues. The judgment of the Madras High Court was affirmed, while the Bombay High Court's ruling in Vijay C. Punjal vs. State of Maharashtra was deemed incorrect.