Excelsior Correspondent
JAMMU, Oct 20: High Court today stayed the imposition of Rs 10,000 fine each on Chairman and Managing Director of Citizens Cooperative Bank Limited ordered by Special Tribunal.
The fine was imposed on Chairman and Managing Director for misusing judicial process and preventing the statutory authority from taking lawful action.
After hearing Advocate Abhinav Sharma appearing for the Bank, Justice Tashi Rabstan issued notices to the Members of Special Tribunal, Inquiry Officer and Registrar Cooperative Societies returnable within four weeks.
“Subject to objections from other side impugned judgment dated September 5, 2014 passed by Special Tribunal Jammu shall remain stayed to the extent of imposition of fine of Rs 10,000”, Justice Rabstan directed.
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