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| Govt axe falls on Cooperative Bank directors | | |
CHAMAN KAUL
JAMMU, DEC 21: As you sow so shall you reap. This old maxim somehow tells about the sad state of affairs in Citizens’ Cooperative Bank. Its board of directors has been superseded by higher authorities for alleged gross irregularities and numerous complaints. Now the affairs of the bank are to be looked after by Divisional Commissioner Jammu.
Earlier, successive directors of the bank have been hitting news headlines for one misdeeds or the other. Board of directors was comprised of nine directors elected by the members but due to the demise of Ram Sahai, who was one of the directors, only eight were at the helm of affairs, including its chairman.
Minister for Cooperatives, Dr. Manaohar Lal Sharma, said that there were heaps of complaints against the board of directors besides gross irregularities were found in balance sheets of the bank, forcing the Government to take the action against the directors.
Commissioner Secretary M. Yedullah remarked that the latest step has been taken by Registrar with proper procedure under the law. He said notice is being given to the board indicating deadline to be followed and action was taken by Registrar today. However, Registrar Cooperatives G. N Qasba, did not like to comment on developments prior to the
orders being issued officially.
Chairman Dinesh Gupta who took the reigns of the bank a few years ago with ambition of uplifting the economic situation of the bank through social interaction had said at that time “Information Technology has become all pervasive and the Banking Industry is no exception to this. Citizens' Co-operative Bank is desirous of installing core banking solutions in the near future. It will be a turning point and the bank will not lag behind other banks vis-à-vis latest technology” and added “I solicit cooperation from the patrons, members customers and employees of the bank with whose support the bank has grown and will continue to”.
In the wake of today’s development, he said, “it is news to me as I had not received any order, notice or E-mail from the concerned authorities”. He added that the so called irregularities were detected in the year 1978 and 1982 for which present team of directors could not be blamed.
He said winning election of cooperatives is more difficult than becoming a member of the legislature. The term of the present directors was supposed to come to an end in August 2010. He soon added that if government takes any such step, it would be against democratic procedures as members were elected democratically for the complete term.
Narinder Singh Choudhary, Balbir Singh Manhas, Arun Gupta, Kuldeep Raj Gupta, Kailash Langer and Shashi Pal are other directors of the board. Whatever may be the reason or logic behind the latest action against the board, it will be tough task for Divisional Commissioner Jammu to handle the responsibility as he is already overloaded by numerous tasks and assignments. Even today he was too busy to comment.
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