JUDGMENT

Harish Tandon, J. - There has been a several round of litigations at the behest of the petitioners challenging the notice, order or even a show cause issued by the competent authority impinging upon the functioning and working of the Cooperative Bank. A little prelude to the genesis of the birth of the petitioner no. 1 is required to be highlighted though the points raised therein is hovering around the show cause issued against it by the respondent no. 2.

2. Admittedly, the petitioner no. 1 is a Cooperative Society registered under Andaman and Nicobar Islands Cooperative Societies Regulations, 1973 and the petitioner no. 1 is a Chairman of the said Cooperative Bank. The Reserve Bank of India granted licence to commence and carrying on the banking business in the Andaman & Nicobar Islands under Banking Regulation Act, 1949. The Chairman and Vice-chairman alongwith other members of the managing committee were elected in a democratic process for a term of five years. The petitioner-bank was functioning initially in profit and expanded its horizon of banking activities by opening several branches within the Islands upon getting a permission/ licence from the Reserve Bank of In