( 1 ) THE short question which arises for consideration in this petition is whether the power to grant exemption under section 161 of the Gujarat Co-operative Societies Act 1961 (hereinafter called the Act) can be exercised retrospectively In order to answer this question a few relevant facts may be stated. The petitioner a Co-operative Bank registered under the provisions of the Act had advanced loans to respondents Nos. 4 to 6 which are Service and Credit Societies also registered under the Act. The said three Societies were directed to be would up under sec. 107 (3) of the Act and the petitioner Bank was appointed the Liquidator of the said Societies. Under sub-sec. (1) of sec. 114 of the Act the winding up proceedings of a society have to be closed within three years from the date of the order of the winding up unless the period is extended by the Registrar Which shall not exceed four years in the aggregate. It further provides that immediately after the expiry of seven years from the date of the order for winding up the liquidation proceedings shall be deemed to have been terminated and the Registrar shall pass an order terminating the same. In the instant case