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Is it possible to apply company act to district cooperative bank
31-Jul-2023 (In Banking / Finance Law)
We are working in Wardha district cooperative bank from last 16 year But now bank officers are ask us to take volunteer retirement forcefully if not taken then they will apply company act to layoff the employee. My question is it possible to apply company act to district cooperative bank or what action we have to take.
If your bank is registered as a company or under the provisions of the Companies Act, then the same will surely be applicable. Also as per RBI rules only corporate entity registered can be eligible for Banking license. So your bank probably would have been registered as normal private limited company or would have been registered under section 25 of the companies act
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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It is difficult to answer without details about your Bank and governing bodies.....Have you referred your case to ombudsman? You will have to file your grievance and seek order. Writ Petition can be considered only thereafter. However this is a premature discussion hence please approach a lawyer with all facts and papers that are available. Seek proper, across advice.
All the best.
All the best.
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Adv. Parvathy Iyer
Mumbai | 25+ Answers
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Sir/Madam,
With respect to your query co-operative banks are registered under Co-operative Society Act hence Companies act will not be applicable. As you have mentioned that you'll are being forced to take retirement so a Co-operative bank does not have authority unless and until rules prescribe the same.
If there is any justice with the employees they can approach labour court or registrar under Co-operative Society Act for the same.
Regards,
Saqib Gigani.
With respect to your query co-operative banks are registered under Co-operative Society Act hence Companies act will not be applicable. As you have mentioned that you'll are being forced to take retirement so a Co-operative bank does not have authority unless and until rules prescribe the same.
If there is any justice with the employees they can approach labour court or registrar under Co-operative Society Act for the same.
Regards,
Saqib Gigani.
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Adv. Saqib Gigani
Mumbai | 100+ Answers
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