- (1.) There are two petitioners in this writ petition. The first is the Punjab Co-operative Bank Limited with its registered office at Amritsar through its Director Shri Shrish Raj. The second petitioner is Shri Shrish Raj himself, claiming himself to be the Director, Punjab Co-operative Bank Limited, giving the address of the Branch of the Bank, perhaps being situated at Ambala Road, Saharanpur, Uttar Pradesh. The Final Merger Scheme of the petitioner-Bank with Oriental Bank of Commerce and G.O.I. Order dated 7.4.97. rejecting petitioner's representation are challenged. Mr. Ravi Kiran Jain, Senior Advocate assisted by Mr. Janardan Sahai learned Counsel for the petitioners has been heard in this matter at considerable length. The main argument of Mr. Jain was that this Court has territorial jurisdiction to proceeds with this writ petition under Article 226 of the Constitution, relying upon the wordings used in sub-article (2) of Article 226 of the Constitution.
(2.) Mr. U.N. Sharma, Senior Standing Counsel for Union of India has appeared for the opposite party No. 1 and the opposite party No. 2 i.e. Reserve Bank of India. Apart from saying that this writ petition is not maintainable in this Court. he relied upon the Sections 36-B and 45 of the Banking Regulations Act, 1949 (hereinafter referred to as the "Act").
(3.) Before taking up the argument of Mr. Jain one by one, it may be necessary to mention here that all banking transactions in the country whether it is done by a Company or association of persons incorporated as Company or even as a Co-operative Society shall be governed by the provisions made under the Act. In this connection, Section 3 of the Act is relevant and is reproduced below: "Act to apply to Co-operative Societies in certain cases-Nothing in this Act shall apply to: (a) a primary agricultural Credit Society; (b) a Co-operative Land Mortgage Bank; and (c) any other Co-operative Society, except in the manner and to the extent specified in Part V." Therefore, the provisions in Section 2 saying that the provisions of this Act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of the Companies Act, 1956 and any other law for the time being in force, shall govern the petitioner-Bank, which is described as a Co-operative Bank Limited.;