A. P. Lavande

1.Heard Mr. D. Pangam, learned Advocate for the petitioners, Mr. S. S. Kantak, learned Advocate General for the respondent nos. 1 and 2, Mr. D. Lawande, learned Advocate for respondent nos. 3 to 7 and Mr. A. N. S. Nadkarni, learned Senior Advocate for respondent no.8.

2. Rule. By consent of the learned Counsel for the parties, heard forthwith.

3. Briefly, the case of the petitioners is as follows:- Respondent no. 8 Bank is a Co-operative Society registered under the Goa Co-operative Societies Act, 2001 ( “the Act” for short). Initially the society was registered under the Maharashtra Co-operative Societies Act, 1960 as applicable to the State of Goa and after coming into force of the Act, respondent no. 8 continues to be a Co-operative Society registered under the Act.

4. In terms of byelaw 29 as amended vide Memo dated 7/2/2008, the affairs of the bank are managed by the Board of Directors constituting nine duly elected directors from amongst the members and one director shall be representative of the Apex Finance Bank, if any. Bye-law further provides that the elected directors can co-opt two additional directors from the category of Chartered Accountant and Ex