M. SATHYANARAYANAN, J.

1. The writ petitioners are the appellants and they made a challenge to the notice dated 16.02.2010, issued by the first respondent, for initiation of proceedings under Section 87 of the Tamil Nadu Cooperative Societies Act, 1983 [hereinafter referred to as “the Act”]. The writ petition, after contest came to be dismissed vide order dated 15.11.2011 and challenging the legality of the same, the present writ appeal is filed.

2. The appellants would state that the appellants 1 to 3 / petitioners 1 to 3 were working as Branch Managers and that rest of them were working as Assistants in the Branch Office of the second respondent cooperative bank. They would aver that one Mr.Ganagaraj was working as General Manager in the service of the second respondent bank and in his official capacity has entered into One Time Settlement (OTS) in the year 2002 with four creditors, namely, K.Senthoorpandi, Seeniammal, Sundararajan and A.Sowndhirapandi and waived the interest and the entire arrears amount was paid by the said creditors and their loan accounts were also closed in the year 2002 and 2003. It is also pointed out by the appellants that Mr.Ganagaraj had also re