K.K. BASKARAN vs STATE REP BY ITS SECRETARY,TAMILNADU&ORS

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 argument 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 distinguished this case from the Bombay High Court's ruling in Vijay C. Punjal vs. State of Maharashtra, which found a similar Maharashtra Act unconstitutional. The Court emphasized the Act's purpose of protecting depositors from fraudulent financial establishments and facilitating the recovery of their dues.