MUKUND L. ABHYANKAR Vs. CHIEF EXECUTIVE OFFICER, NATIONAL FEDERATION OF URBAN CO-OP. BANK AND CREDIT SOCIETIES LTD.

JUDGEMENT

(1.) The petitioner has filed the present petition under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, praying as under:-

(2.) The petitioner was elected as the President of the National Federation of Urban Co-operative Bank and Credit Societies Ltd. (hereafter 'NFSL') and has filed the present petition, inter alia, for restraining the respondents from moving a no confidence motion to remove the petitioner from the post of President of NFSL.

(3.) NFSL is an apex body of Urban Cooperative Banks and Credit Societies Ltd. in the country and is registered under the Multi-State Co-operative Societies Act, 2002 (MSCS Act). The petitioner is a Director of the Cosmos Co-operative Bank Ltd. and in that capacity was elected as the President of NFSL on 06.02.2014. He was removed from the post of President by a no confidence motion allegedly moved on 25.02.2016 in the 147th meeting of the Board of Directors of NFSL. The said meeting as well as the subsequent meeting formed the subject matter of disputes between the parties which were referred to the sole arbitrator, appointed by the Central Registrar of Co-operative Societies.