SURINDER SINGH Vs. REGISTRAR COOPERATIVE SOCIETIES

JUDGEMENT

(1.) PETITIONERS , who are elected Directors of the Haryana State Co-operative Apex Bank Limited (hereinafter referred to as the HARCO Bank'), have filed this writ petition challenging the impugned order dated 30. 9. 1996, Annexure P-10, passed by the Registrar, Co-operative Societies, Haryana (hereinafter referred to as 'the Registrar), exercising powers under Section 34 of the Haryana Co-operative Societies Act, 1984 (hereinafter referred to as 'the Act'), removing them from the Board of Directors of the HARCO Bank and appointing a Board of Administrators to run the affairs of the HARCO Bank.

(2.) HARCO Bank is an Apex Co-operative Bank, membership of which is open to Central Cooperative Banks, State Government and Urban Co-operative Bank as regular members. Any person or Co-operative Society or any other statutory Body notified by the Government can also be Associate Member as per Bye-Laws of the HARCO Bank. HARCO Bank is a scheduled Bank and is also an insured Bank under "the Deposit Insurance and Credit Guarantee Corporation Act, 1961". The main objects of the HARCO Bank as incorporated in the Bye-laws of the HARCO Bank are to function as an Apex Financing and Co-operative Institution for dispensation of credit business, to purchase and sell Government promissory notes, to undertake steps for the training of the staff of the Apex Bank and other Co-operative Banks, etc.

(3.) THE meeting was attended by the Assistant Registrar (Credit) as a nominee of the Registrar, apart from other Members of the Board of Directors including the Government nominee Mrs. Sudha Sharma, IRS, Special Secretary, Finance, Haryana and the Managing Director of the HARCO Bank.