RAKESH TIWARI, J. - (1.) Heard the learned counsel for the parties. The petitioners have challenged the order dated 26/11/1993 passed by the Deputy Registrar Co-operative Societies, Moradabad Region, Moradabad. Annexure-VI to the writ petition.
(2.) Petitioner No. 1 was appointed as Guard/Sahyog (Assistant) on 30/12/1988, petitioner No. 2 was appointed as peon on 1/07/1989. petitioner No. 3 was appointed clerk on 19/07/1990 and petitioner No. 4 was appointed as Clerk/Cashier in the Bijnor Urban Cooperative Bank Ltd. Bijnor. which is a registered society under U.P. Co-operative Societies Act. 1965. They have worked there continuously till 8/07/1993.
(3.) The source of its income of respondent-bank is by earning interest on inter bank deposit on advances made by it. The income of the bank started reducing due to reduction of interest by the nationalised banks and from May, 1993 under regulations and control of the Reserve Bank of India, hereinafter called as R.B.I., which considerably reduced the interest rate on advances made by the Bank.;