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| HC stays suppression of CC Bank | | | EARLY TIMES REPORT
Jammu, JULY-17 : A Division Bench of Jammu & Kashmir High Court Jammu Wing comprising Justice Virender Singh and Justice Muzaffar Hussain Attar today stayed the operation of judgment of Single Judge regarding the supersession of Board of Directors Citizen Cooperative Bank Limited.
This court after hearing the parties observed that in considered view, the instant appeal is debatable on certain vital issues. The court issued notice which was accepted by Advocate PN Raina representing the caveators whereas Advocate Surinder Singh accepted notice for Managing Director CC Bank Limited.
The court further observed that keeping in view the urgency involved in the instant appeal, the Registry is directed to list the case on July 26, 2010 and till next date of hearing, operation of impugned judgment shall remain stayed, making it clear that appellant shall not transact any business.
This appeal was filed by Board of Director Citizen Cooperative Bank Limited through its Chairman Dinesh Gupta against the judgment passed by the Single bench on July 8, upholding the the order of Registrar Cooperative Society dated December 21, 2009 whereby the elected Board of Director CC Bank superseded.
In the LPA Advocate Abhinav Sharma appearing for the appellants challenged the appeal on various grounds including that the Writ Court did not take into consideration the aspect of matter that while superseding the entire elected Board comprising of remaining eight directors were out ,elected nine directors, the Registrar Cooperative Societies was under a statutory obligations to hear and issue show cause notice to each elected Directors of the Bank, whereas the Show cause notice was issued only to one of the Director who is the Chairman of the Board of Directors. It was also submitted that the that the Writ Court did not take into consideration that under section 30(7) of the Cooperative Societies Act, the Registrar was under a statutory obligation to appoint one or more administrators, simultaneously to run the affairs of the Bank, as no society can be left headless. In the present case Registrar did not appoint any administrator at the time of superseding the Board of Directors on December 21, 2009 and the administrator was appointed only on December 30, 2009 after receipt of the notice of revision petition filed by Board of Directors and prayed for set-aside the judgment impugned passed by Writ Court on July 8, 2010. JNF
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