NAMDEO Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Rule. Rule returnable forthwith. With the consent of learned Counsel for the parties, heard finally.

(2.) In Writ Petition No.7034 of 2013, petitioners are shareholders of the Co-operative Bank who is petitioner in Writ Petition No.7383 of 2013. Petitioner in Writ Petition No.7383 of 2013 is the Cooperative Bank registered under the Maharashtra Co-operative Societies Act, whose Banking Licence is ordered to be cancelled by Reserve Bank of India. In Writ Petition No.7384 of 2013, petitioners are members of Co-operative Bank who is petitioner in Writ Petition No.7383 of 2013.

(3.) The writ petition by the shareholders of the respondent No.4 Bank, the respondent No.4 Bank has suffered an order under Section 110A (ii) of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as "M.C.S. Act" for the sake of brevity), whereby the respondent Commissioner of Co-operation and Registrar of Co-operative Societies, Maharashtra State, Pune in exercise of powers conferred under the provisions of M.C.S. Act and in compliance with the directions issued by the Reserve Bank of India ordered winding of the respondent No.4- society under Section 110A (ii) of the M.C.S. Act and appointed Assistant Registrar Mr V.S. Jagdale as Liquidator.