SUPREME COURT ISSUED NOTICE ON RBI'S PLEA AGAINST MERGER OF MALAPPURAM DISTRICT COOPERATIVE BANK WITH KERALA BANK. ORDERS STATUS QUO

The Supreme Court in the case Reserve Bank Of India vs. The State Of Kerala S observed and has issued notice on the petition filed by the Reserve Bank of India, RBI wherein it challenged the amalgamation of the Malappuram District Cooperative Bank in Kerala with the Kerala State Cooperative Bank.

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The court in the case observed and has issued notice, wherein directing to maintain status quo in all aspects in respect of the Malappuram District Cooperative Bank.

The bench comprising of Chief Justice of India DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra in its order stated that the notice is issued, returnable in July, in the meantime the status quo shall be maintained in all aspects in respect of the Malappuram District Co-operative Bank i.e., the respondent no.97.

In the present case, the Reserve Bank of India, RBI has approached the Supreme Court against the judgement of the Kerala High Court which affirmed the constitutional validity of Section 14A of Kerala Co-operative Societies Act, 1969, Act of 1969, section 74H(1)(a) of the 1969 Act and order passed by the Registrar, Co-operative Societies dated January 12, 2023, ordering amalgamation of Malappuram District Cooperative Bank with Kerala State Co-operative Bank.