Government nominee rights on cooperative boards allocated by shareholding tiers; subject to a statutory cap; nominees serve at government's pleasure. Right of a Government nominee to occupy board seats in a multi State co operative society is determined by the extent of the Central or State Government's equity subscription, with incremental nomination entitlements tied to increasing shareholding bands and subject to a statutory cap not to exceed a proportion of the board. Where the Government has provided guarantees, loans, grants or other assistance, it or its authorised representative also acquires a prescribed right to nominate a director in the manner required by regulation. Nominees hold office during the pleasure of the nominating Government.
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Provisions expressly mentioned in the judgment/order text.
Government nominee rights on cooperative boards allocated by shareholding tiers; subject to a statutory cap; nominees serve at government's pleasure.
Right of a Government nominee to occupy board seats in a multi State co operative society is determined by the extent of the Central or State Government's equity subscription, with incremental nomination entitlements tied to increasing shareholding bands and subject to a statutory cap not to exceed a proportion of the board. Where the Government has provided guarantees, loans, grants or other assistance, it or its authorised representative also acquires a prescribed right to nominate a director in the manner required by regulation. Nominees hold office during the pleasure of the nominating Government.
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