Judgment :-

Altamas Kabir, J.

1. Leave granted.

2. The Madhavpura Mercantile Cooperative Bank Ltd., which is governed by the provisions of the Multi State Cooperative Societies Act, 2002, has its Registered as well as Head Office at Madhavpura Market, Shastribaug, Ahmedabad, and carries on banking operations in the State of Gujarat, Maharashtra among other States in India. According to the Bank, all its activities relating to disbursement of loans are conducted from the Head Office at Ahmedabad.

3. In 1992, the appellants company took loan from the aforesaid Bank which for the reasons prevailing closed down its business operations in 2001. Thereafter, a Scheme of Reconstruction approved by the Reserve Bank of India was formulated and a new Board of Management (Administration) came to be appointed to implement the same. Several irregularities were discovered regarding the grant of loans to borrowers with the connivance of the then Chief Executive Officer, Managing Director and Chairman of the Bank. Several complaints came to be registered against the said officers and several borrowers. Five such complaints were filed against the appellant on 9th July, 2003, before the Chief Metropol