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2003 (10) TMI 388 - SC - Companies LawWhether a co-operative society registered under the Multi-State Act can be granted a license by the RBI to commence and carry on banking business? Whether a co-operative society registered under the Multi-State Act can be recognized and notified by the State Government as a State Co-operative Bank? Whether a co-operative society registered under the Multi-State Act, which has been recognized and notified by one State Government as a State Co-operative Bank for that State, can be granted a License by the RBI to commence and carry on banking activities in other States in which it has not been recognized as a State Co-operative Bank? Held that:- Appeal dismissed. Merely because on obtaining a stay from this court they continued to operate would not be a circumstance which can be taken into consideration by this Court. The appellants cannot be allowed to continue to operate as a state co-operative bank when in law they are not entitled to be one. We, therefore, do not accept this submission.
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