In Brief
A cooperative bank society challenged the initiation of a formal Section 65 inquiry before its compliance report addressing inspection defects had been considered. The Supreme Court held that the Assistant Registrar must first review the society's explanation and compliance report after giving it a hearing. Only based on the outcome of this assessment shall the Joint Registrar decide whether to continue, modify, or abandon the formal inquiry proceedings. The petition was disposed of with directions for the registrar to hold the required hearing and consider the compliance report before proceeding further."
The lawyer headnote and full judgment text are available to registered users.