The orders were issued here today by Deputy Commissioner-cum-Registrar of Cooperative Societies R K Rao following "acts of irregularities and misconduct which were prejudicial to the interests of the society/bank and its members".

The RCS observed that the board of directors of the bank were persistently defaulting and were negligent in the performance of the duties imposed upon them under the Punjab Cooperative Societies Act, 1961, and the rules and bye-laws of the Bank.

The management of the bank was issued notices to show cause on April 3 and July 24 this year, as to why the management of the bank be not removed for committing "irregularities." But the management's reply was found "totally irrelevant and unsatisfactory in relation to the charges".

These allegations include making appointments without following the proper procedure. The directors also did not find it necessary, in violation of the RCS directions, to ratify the amended bye-laws by the general body. Also, the recovery statement for the past over one year was found "very poor". Meanwhile, one of the directors Bhupinder Singh has welcomed the dissolution and demanded a probe into the alleged irregularities by the management.