RAJESH BALIA, J. - (1.) HEARD learned Counsel for the parties.
(2.) THIS petition is directed against the order Annexure/9 dated October 21, 1991 passed by the Assistant Registrar, Co -operative Societies, Bhilwara exercising power of the Registrar under the Rajasthan Co -operative Societies Act, 1965 under Section 32 rescinding the Resolutions of the Board of Directors of the petitioner Bank. The Resolutions which have been rescinded are: 1. That, vide Resolution dated March 3, 1990 by which 770 nominal members of the Bank were converted into regular share holders on payment of share capital to at the tune of Rs. 4,99,700.00. 2. The Resolution dated April 28, 1990 by which the emoluments of four retired persons were increased to Rs. 75/ - per day from Rs. 55/ - per day. 3. The Resolution dated January 1990 by which one Shri Banshi Lal Dargad was appointed as Managing Director of the Bank for a period of two years, and 4. The Resolution dated August 12, 1991 by which accepting the recommendation No -10 of Staff Committee dated July 27, 1991, regular pay scale was sanctioned for persons working with the Bank as LDC and Class IV employees and one Dharmendra Kumar Sharma was promoted as Accountant.
(3.) THOUGH , initially the challenge was made to the vires of Section 32 of the Act which was later on abandoned as is apparent from the order dated November 9, 1993.;