1. The petitioner joined the Shertallai Taluk Co-operative Land Mortgage Bank Ltd., No. A.327 (the Bank) as a clerk on 15-4-1974 pursuant to resolution No. 17 dated 14-4-1974 passed by the 1st respondent, the Board of Directors Of the Bank. According to resolution No. 69 dated 27-12-1974 the petitioner was appointed to the newly created post of Secretary by promotion. In January, 1979 the petitioner was charge sheeted alleging that she did not place before the Board of Directors a covering letter sent by the Central Land Mortgage Bank which had some bearing to the norms governing the grant of loans; and that as against the sanction of a loan for Rs. 10,000/-made by the Board, only a sum of Rs. 7,500/- was paid to a particular applicant; and that was done behind the back of the Board by the petitioner. Ultimately the enquiry officer appointed found the charges to have been proved against the petitioner; and the Board of Directors having accepted the finding at the enquiry, and having tentatively come to the conclusion that the petitioner was to be reverted to the post of Senior Supervisor, issued Ext. P1 show cause notice dated 4-2-1981 to which the petitioner sent Ext.