1. Rejection of I.A. No.01 of 2020 seeking for stay of Annexure P / 1 order dated 03.02.2020, whereby the Board of Directors of the 4th Respondent - Bank was suspended by the 2nd Respondent, is put to challenge in this appeal preferred by the Appellants / Writ Petitioners.

2. The factual sequence, as pointed out by Shri Prafull N. Bharat, the learned counsel for the Appellants, is that the Appellants were elected as the members of the Board of Directors of the 4th Respondent - Bank, who took charge as the President / Chairman and Members of the Board on 06.06.2016. The normal tenure of the Board is for a period of ''five'' years and while they were discharging their duties as above, a show - cause notice was issued proposing supersession under S.53(1) of the Chhattisgarh Co - operative Societies Act, 1960 (hereinafter referred to as ''the Act of 1960'') raising four different allegations / charges against them. The Appellants submitted detailed reply pointing out that two of the four allegations / charges were of the period when the Bank itself was under the acquisition, which was prior to the election / taking charge by the Appellants / Writ Petitioners. In respect of third allegat