IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL CRIMINAL CRIMINAL APPELLATE JURISDICTION APPELLATE JURISDICTION APPELLATE JURISDICTION WRIT WRIT WRIT PETITION NO. 1478 OF 2005 PETITION NO. 1478 OF 2005 PETITION NO. 1478 OF 2005 M/s Manipal Finance Corporation ... Petitioners Ltd. & Ors. Vs. The State of Maharashtra & Ors. ... Respondents Mr. Tushar Goradia for Petitioner. Mrs. P.H. Kantharia, APP for Respondents. CORAM CORAM CORAM : BILAL NAZKI & : BILAL NAZKI & : BILAL NAZKI & A.P. A.P. A.P. DESHPANDE, JJ. DESHPANDE, JJ. DESHPANDE, JJ. DATE DATE DATE : 31ST MARCH, 2008 : 31ST MARCH, 2008 : 31ST MARCH, 2008 P.C. P.C. P.C. :- :- :- 1) In this Writ Petition validity of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (M.P.I.D. Act) has been challenged. 2) It is stated at the bar that Full Bench of this Court in the Judgment of Vijay C. Puljal & Others State of Maharashtra & Others reported in 2005(5) Bom. C.R. 481 has struck down the Act as un-constitutional. Following the same judgment, we allow this Writ Petition and hold that said Act is Ultra-vires. 3) Petition is allowed. 2 4) At this stage, learned Additional Public Prosecutor submits that the judgment of Full Bench of this Court has been challenged in the Supreme Court and the S.L.P. has been admitted and certain directions are issued by the Supreme Court. If there are any directions by the Supreme Court, this judgment would not be in any way read as impediment for following the orders of the Supreme Court. ( BILAL NAZKI, J.) BILAL NAZKI, J.) BILAL NAZKI, J.) ( A.P. DESHPANDE, J.) A.P. DESHPANDE, J.) A.P. DESHPANDE, J.)