UCO BANK vs SAUMYENDRA ROY CHOUDHURY .

The Supreme Court upheld the decision of the High Court regarding the eligibility of the respondent to stand for election as Director of UCO Bank, emphasizing that the RBI Guidelines dated 1st November 2007, framed under Section 9(3AA) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, govern the criteria for determining the fit and proper status of candidates. The Court noted that the disqualifications cited in the Government of India Guidelines dated 10th December 2007 do not apply to elected Directors. The interim order of the High Court was affirmed, allowing the respondent to be deemed elected pending the final decision in the suit.