Buying a property under general power of attorney

Better to verify the bye law thoroughly . without seeing it  no one can easy to give our suggestion clearly. Therefore you better to submit the same to local lawyer and get clarity and act

The presumption is that company purchased some land and allotted to it's employees, and a society was formed with company employee's as members.  There was a condition that the company employee should sell the share only to another employee of the same company so that employees are only benefitted.  

Now, your issue is that only the company employee-owner sold his plot to outsiders through misrepresentations.

Please go through bye-laws and allotment orders, and file complaints to Society and to HR of the company for those violations.

"One plot owner under presumption that society is going to allow members to sell society property to outsider sold property how due to restriction could  ............."

Concluding sentence of the query is incomplete. Anyhow, pre-emption, if at all legitimate, is a weak right and could not be employed to deny a pearson the market value of his property.

Can a Society impose such condition in its Bye-Laws, which is inconsistent to (any) State Cooperative Societies Act/ Rules and Transfer of Property Act, 1882.???

It is better to consult a local prudent lawyer for analyses of facts/ documents and professional advise.

If an employee is reported to have violated the laid down rules/regulations of the society then the society can take legal action against the erring employee  by filing a suit to cancel the sale deed and can implead the buyer also as a party to the suit.

Before that it is to be confirmed that the said restriction has been enacted as a rule in the society's rules or regulations.