IKRAMUDDIN AND ANR. Vs. U.P. INDUSTRIAL CO-OPERATIVE BANK LTD. AND ORS.

JUDGEMENT

(1.) THE petitioners claimed to be members of the U.P. Industrial Co -operative Bank Ltd. (hereinafter referred to as the " bank "), a society registered under the U.P. Co -operative Societies Act.

(2.) A dispute arose between the petitioners and the bank about the petitioners ' claim for return of their goods said to be worth about Rs. 16,000 pledged with the bank. The petitioners claimed the pledged goods and/or Rs. 16,000 as their value plus damages at the rate of Rs. 150 per day from 17th August, 1963, for loss alleged to have been suffered by them in business on account of the failure of the bank to return the pledged goods. The petitioners submitted in writing the dispute to the Registrar, Co -operative Societies, for decision in April, 1964. The dispute was referred for decision by the Registrar to Sri Jai Ram Prasad, Industrial Inspector, as the sole arbitrator. The arbitrator refused to decide the question of the petitioners' claim for return of the pledged goods or for payment of their value by the bank on the ground that the goods were in the custody of the court. The claim for damages made by the petitioners was rejected by the arbitrator. Against the award of the arbitrator the petitioners filed an appeal purporting to be under Rule 133 of the Rules framed under the U.P. Co -operative Societies Act before the Registrar, Industrial Co -operative Societies, U.P. The Registrar transferred the appeal for hearing to the Assistant Registrar (Handloom) Industrial Co -operative Societies, U.P., Kanpur. According to the petitioners, during the pendency of the appeal an agreement was arrived at between the parties. On the 28th June, 1966, the Assistant Registrar passed an order, the operative portion of which is as follows:

(3.) THAT you gave in writing to the amin on behalf of the bank that one hour's time be given to bring the stay order from the court concerned as such you are deeply interested in the management of the bank at the costs of the respondents.