ARUN DATTATRAYA NARAKE AND ORS. Vs. AUTHORIZED OFFICER, KOLHAPUR DISTRICT CENTRAL CO-OP. BANK LTD. AND ORS.

JUDGEMENT

(1.) Rule. Rule is made returnable forthwith. By consent of parties, heard finally, in view of the urgency so expressed.

(2.) By this common order, I am inclined to dispose of all these Petitions as common issues, common Respondents and common orders are under challenge. The Respondents have also filed a common reply in all these Petitions.

(3.) Some of the Petitioners were exmembers of the managing committee of Respondent No.2Kolhapur District Central Coop. Bank Ltd. (for short, the Banksociety). Some of them are existing members of the "managing committee". Respondent No.2 is the society registered under the provisions of Maharashtra Cooperative Societies Act, 1960 (MCS Act) and doing banking business being Federal Society and as other multipurpose and credit societies are its members. The society is authorised to grant a financial assistance to its member societies as per the provisions of the MCS Act, Rules and the Byelaws. The said banking business is also regulated by the statutory directions issued from time to time by the Reserve Bank of India and National Agriculture and Rural Development Bank (NABARD). Under the byelaws the executive committee and the managing committee of the Banksociety have power to sanction loans to its members. Respondent No.3 is the State of Maharashtra and is also Appellate Authority as contemplated under Section 152, against the order under Section 88 of MCS Act.