( 1 ) THE appellant on 9/2/1961 was appointed as an Officer in Grade III in the respondent Bank (for short "the Bank"), He was promoted on 1/4/1968 as a Grade D Officer in the Foreign Exchange Department in the head office of the Bank. Sometime in 1964, Manoj Cooperative Housing Society (for short "the Society") was formed of which the appellant was one of the Chief Promoters and thereafter its secretary. The object of the Society was to construct residential premises for the employees of the Bank and its other members. It appears that a complaint was received in respect of the affairs of the Society relating to misappropriation of the funds of the Society and consequently, in exercise of the powers under Section 83 of the Maharashtra Cooperative Societies Act, 1961 (for short "the Act"), the Registrar on 23/4/1969 instituted an inquiry thereof. Mr. A. S. Rangnekar was appointed the Registrars nominee who on 4/10/1969, submitted the report holding the appellant and two other officer-bearers of the Society negligent in dealing with the funds of the Society causing a loss to the tune of Rs. 3,59,000. 00. The Registrar on 21/10/19699, passed an order appointing an officer under Sectio