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SANGEETA K. VISHEN
Bhuj Mercantile Co-Operative Bank Ltd. – Appellant
Versus
Registrar, Co-Operative Societies, Gujarat State – Respondent
JUDGMENT :
(Sangeeta K. Vishen, J.)
With the consent of the learned advocates appearing for the respective parties, the matter is taken up for final disposal.
2. Issue Rule, returnable forthwith. Mr Siddharth Rami, learned Assistant Government Pleader waives service of notice of Rule on behalf of respondent no.1. Mr Ravindra Shah and Mr Amar Bhatt, learned advocates waives service of notice of Rule on behalf of respondent nos.2 and 3 resepectively.
3. The petitioners have invoked the writ jurisdiction of this Court, inter alia, under Article 226 of the Constitution of India, praying for quashing and setting aside the order dated 30.09.2021 (hereinafter referred to as “the impugned order”) passed by the Registrar, Co-operative Societies, Gujarat State under Section 17 of the Gujarat Co-operative Societies Act, 1961 (hereinafter referred to as the ‘Act of 1961’), rejecting the request of the petitioners for amalgamation/ merger of the Viramgam Mercantile Co-operative Bank Ltd., i.e. the respondent no.2 with the petitioner no.1 bank. Before considering the grounds urged, it would be apt to have brief overview of the factual aspects giving rise to the captioned writ petition.
4. Discernibl
The Registrar's jurisdiction to approve bank amalgamations remains valid despite the amendment of Section 44A of the Banking Regulation Act, 1949, with amendments not affecting ongoing merger request....
Integration of co-operative banks requires compliance with statutory procedures; the failure to follow mandatory provisions invalidates the amalgamation process.
The compulsory amalgamation of cooperative banks must comply with the provisions of the Jharkhand Cooperative Societies Act, 1935, including obtaining prior approval from the Reserve Bank of India, a....
Merger of cooperative banks does not violate statutory regulations when properly sanctioned; the petitioner acted out of self-interest and lacking standing.
The directives issued by the Reserve Bank of India (RBI) under Section 110A(1)(iii) of the Maharashtra Co-operative Societies Act, 1960 (MCS Act) are mandatory and binding on the Registrar of Co-oper....
The winding up of a cooperative bank, governed by specific provisions, does not violate constitutional rights, ensuring the interests of depositors are prioritized.
Point of Law : Section 74A of 1969 Act was incorporated to ensure that benefits of DICGC Act, 1969 were extended to Co-operative Banks as well.
The RBI's imposition of directives under Section 35A of the Banking Regulation Act does not necessitate pre-decisional hearings, emphasizing the need for depositor protection over procedural formalit....
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