APEX CO OPERATIVE BANK OF URBAN BANK OF MAHARASHTRA AND GOA LIMITED Vs. MAHARASHTRA STATE CO OPERATIVE BANK LIMITED

JUDGEMENT

(1.) Leave granted.

(2.) Both these Appeals are being disposed of by this common judgment as they arise out of the Judgment of the Bombay High Court dated 19th December, 1996. In this judgment the parties are being referred to in their capacity in Civil Appeal No. 439 of 1997.

(3.) Briefly stated the facts are as follows : On 28th of August, 1993, the Appellants appear to have made an application to the Reserve Bank of India (hereinafter referred to as RBI) for a license to start an Apex Bank for Maharashtra and Goa. The RBI by its letter dated 25th April, 1994 inter alia stated as follows :