Heat the milk (not to boiling point). Add sugar to it and keep stirring till it dissolves (for chocolate pudding you can add the cocoa powder now itself). Crumble the bread into fine pieces. Add the pieces to the hot milk and allow it to soak for an hour.
In the meantime take a thick flat heavy bottom vessel. In it put 3 to 4 glasses of water. On a raised height, place another flat bottom vessel to which ghee has been added sparingly.
Beat the eggs till they reach peak consistency. While gradually adding the egg to the milk bread mixture, crumble the bread pieces with your fingers till the mixture forms a homogenous one. Do not mix for a long time, otherwise the air incorporated will collapse. Pour it in the vessel in which ghee has been applied. Spread the cashewnut pieces. Now keep it in the thick heavy flat bottom vessel on a raised height.
Cover the vessel in which the mixture has been poured. Now the bigger vessel (the thick flat heavy bottom vessel) has to be covered also. Put the gas on and when the water starts boiling simmer the gas and steam for half an hour.
Remove from fire. Cover it by keeping the lid slightly open. Allow it to cool. Refrigerate and serve chilled.