However, bank director P A Inamdar said that the order could not be enforced for atleast four weeks because of a prior high court order.

"This is written in the Lavekar order as well. Anticipating such a decision, I had filed a case in December, and the Bombay high court had granted us a reprieve of four weeks, if the board was dissolved. We plan to use this time to file an appeal against the commissioner's decision," said Inamdar.

He said that the decision to dissolve the board was based on a very minor technicality. "The previous commissioner Anil Diggikar had passed an order in our favour," he said.

The complainant S M Iqbal filed a complaint with the Cooperatives Commissioner seeking to dismiss the members of the board as they had not filed a bond as required under the Act on time, after assuming office. "The bond is supposed to be an undertaking, assuming responsibility for any irregularities during the board's tenure. There is a clause that stipulates that the board member's assets would be usurped against the bank's liabilities, if they originate during the member's tenure on the board. The present board was trying to shirk that responsibility. The bond should be filed within 15 days of taking office as a member, but it was filed after a delay of over a week," said Iqbal.

Inamdar, however, said that the bond was filed immediately on the same day of taking office. "The only point of dispute is that instead of filing bonds seperately, all directors filed one single bond," he said.