HC stays Ordinance on cooperative banks

Kochi, Dec 19 (UNI) The Kerala High Court today stayed for a period of two months an Ordinance, amending the Kerala Cooperative Societies Act.

Justice Thottathil B Radhakrishnan also directed that the situation preceding the Ordinance would prevail if any cooperative bank was dismissed under the Ordinance.

As per the Ordinance only members of Agricultural Credit Societies and Urban Societies, recognised by Reserve Bank of India, would have voting rights in district co-operative banks.

Challenging the Ordinance in the High Court, the Thiruvananthapuram District Co-operative Bank contended that the managing committees of five district co-operative banks in the state were dismissed in accordance with the Ordinance.

UNI