SANJAY NAGAYACH Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) THE appellant before us is the Chairman of the Board of Directors/Managing Committee of the District Cooperative Central Bank Ltd., Panna (Madhya Pradesh). THE Respondent No. 3 i.e. the Joint Registrar, Cooperative Societies, Sagar Division, Sagar, M.P., by his order dated 30.9.2011, superseded the Managing Committee/Board of Directors of the Bank for a period of one year and the Collector, Panna was appointed as the officer-in-charge.

(2.) THE said order has been passed by the Joint Registrar in exercise of the powers conferred by Section 53 of M.P. Cooperative Societies Act 1960.

(3.) THE third Proviso to Section 53 (1) says that if no communication containing the views of Reserve Bank of India in respect of the action proposed is received within 30 days of the receipt by the Reserve Bank of the "request soliciting consultation" it shall be presumed that the Reserve Bank of India agrees with the proposed action and the Registrar shall be free to pass such order as he may deem fit.