SANDEEP K. SHINDE, J.

In exercise of the powers under Section 22(4) of the Banking Regulation Act, 1949 (hereinafter referred to as the BR Act), Reserve Bank of India vide order dated 30.12.2011 cancelled the Petitioner's licence to conduct banking business and issued mandate to stop “business of banking”, within the meaning of Section 5(b) of the BR Act with immediate effect. This order was carried in appeal under Section 22(5) of the said Act before the Appellate Authority, i.e., Ministry of Finance (Department of Financial Services) Government of India. Appellate Authority vide order dated 23.4.2013 upheld the order of the Reserve Bank of India and as such, the appeal was dismissed.

2. Aggrieved by the order passed in Appeal as aforesaid, this Writ Petition is preferred by the Bank through its Chairman Mr. Kolur and by the Cooperative Bank Employees' Union under Article 226 of the Constitution of India.

3. Initially, Petition was filed against the authorities under the said Act and Maharashtra Cooperative Societies Act. Later in terms of the order dated 16.1.2014, directors and the borrowers, who allegedly siphoned the funds of the bank were impleaded as respondents nos.1