(1) If any doubt or dispute shall arise as to the qualification or disqualification of a person deemed or declared to be elected, or as to the validity of election of a director, any person interested, being a candidate or shareholder entitled to vote at such election, may within seven days of the date of declaration of the result of such election, give intimation in writing thereof to the chairman and managing director of the Small Industries Bank and shall in the said intimation give full particulars of the grounds upon which he doubts or disputes the validity of the election.
(2) On receipt of an intimation under sub-regulation (1), the chairman and managing director of the Small Industries bank shall forthwith refer such doubt or dispute for the decision of a committee consisting of himself and any two of directors nominated under clauses (c) and (e) of sub-section (1) of section 6 of the Act.
(3) The committee referred to in sub-regulation (2) shall make such enquiry as it deems necessary and if it finds that the election was a valid election, it shall confirm the declared result of the election, or if it finds that the election was not a valid election, it shall, within 30 days of the commencement of the enquiry, make such order and give such directions including the holding of a fresh election as shall in the circumstances appear just to the committee.
(4) An order and direction of such committee in pursuance of this regulation shall be conclusive.