( 1 ) THIS is a petition filed by the petitioners, who were employees in the co-operative Society known as the Mandsaur District Co-operative Land mortgage Bank Ltd. This Society was registered under the Madhya Pradesh co-operative Societies Act on 20-11-1961.

( 2 ) IT is alleged by the petitioners that in the year 1966 the M. P. Co-operative land Development Act came into force and thereafter the name of the Mandsaur District Co-operative Land Mortgage Bank was changed to the mandsaur District Co-operative Land Development Bank and it is alleged that management of this Bank was done by the Board of Directors elected under the bye-laws of the Bank. Till the year 1971 the elected Board constituted under the bye-laws of the Bank was managing the affairs of the Bank. In the year 1971 the Joint Registrar, Co-operative Societies in exercise of power vested in him under Section 53 of the Act superseded the Board and appointed assistant Registrar of Co-operative Soc. eties, Mandsaur, as an Officer-in-charge of the Bank to manage its affairs.

( 3 ) THAT in the year 1974 an Ad-hoc committee was appointed to manage the affairs of the Bank under Section 53 of the M. P. Co-operati