JUDGMENT :

The question involved in the present writ petition is whether the impugned order dated 09.11.2021 (Ext.P8) issued by the 2nd respondent to the petitioner suspending him from the post of CEO would be valid in law in the absence of concurrence of the Reserve Bank of India as per the provisions of Banking Regulation Act, 1949 as amended. The genesis of the case as spelled out from the pleadings and arguments are that Part V of the Banking Regulations Act, 1949 was though made applicable to the Cooperative Societies subject to the modification, but a non-obstante clause vide notification No.39/2020 was inserted with effect from 01.04.2021 making it clear that the provisions of the Act particularly Part II-A prescribing the control of the RBI over the management and its power as envisaged under Section 36AA to remove Chairman, Director or Chief Executive Officer (CEO) or other Officers or Employees, vest only with RBI.

2. The facts in brief are that the petitioner on 22.07.2021 was appointed as Chief Executive Officer (CEO) of the respondent-Thiruvalla East Co-operative Bank for a period of two years effective from 01.08.2021. On cessation of the tenure of the Board of Manageme