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KERALA HIGH COURT
, J
Secretary and members of the erstwhile Managing Committee of the Mavelikkara Taluk Co-operative Bank Limited – Appellant
Versus
Registrar of Cooperative Societies – Respondent
| Table of Content |
|---|
| 1. application of s.68 of kcs act for management accountability. (Para 1 , 2 , 3 , 4) |
| 2. secretary's defense based on prior reporting of misappropriation. (Para 5 , 6 , 8) |
| 3. balance of interests between depositors and management actions. (Para 9 , 10 , 11) |
| 4. responsibilities under s.68 irrespective of intent or knowledge. (Para 12 , 15 , 18) |
| 5. court's conclusion on the petitions and the order for the registrar. (Para 19) |
1. The underlying legal aspects in these cases are edificed on the pith and tenor of S.68 of the Kerala Co - operative Societies Act (hereinafter referred 'the KCS Act' for short), as per which proceedings for imposition of surcharge against persons in charge and management of Co - operative Societies and on its concerned officers and employees are stipulated.
2. Since the issues in these cases revolve around the manner in which S.68 of the KCS Act operates, I deem it appropriate to extract it under;
"(68. Surcharge.-- (1) If in the course of an audit, inquiry, inspection or the winding up of a society, it is found that any person, who is or was entrusted with the organization or management of such society or who is or has at any time been an officer or
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