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| CCBL Board of directors assumes chairs, Bank start functioning | | | Early Times Report
Jammu, Apr 6: . To aware to the media persons that the Board of Directors had been elected as per J&K Cooperative Societies Act and Rule by the Returning Officer Deputy Commissioner Jammu on 12.08.2007. The Board of Directors of the Citizens Cooperative Bank Ltd (CCBL) hold a Press Conference today.
The conference was addressed by the Chairman, CCBL Dinesh Gupta. Speaking on the occasion Dinesh Gupta informed that the Board of Directors started functioning and with the support of staff and Share holders of the bank increased the business of the bank. The Registrar Cooperative Societies J&K Jammu ordered the enquiry into the working of the management of the Citizens' Cooperative Bank Ltd. and Additional Registrar Cooperative Societies Jammu was appointed as Enquiry Officer in Oct. 2008. Enquiry Officer who sought information from the bank in respect of 36 queries which pertained to the working of the bank right from its inception was followed by one more enquiry. The enquiry had been conducted with malafide intentions and opportunity of being heard had not been afforded. Consequent upon it Board of Directors of The Citizens' Cooperative Bank Ltd. Jammu had been served upon a show cause notice by Registrar Cooperative Societies, J&K Jammu on following points:-
It is very unfortunate that in order to succeed in superseding the Board on the behest of Registrar Coop. Societies its staff did not receive the reply filed by the Board of Directors and made cuttings on the Peon Book of the bank to refute the receipt of reply. The entire matter of super cession has been tried in the Court and Learned member J&K Special Tribunal after perusing all the records has decided as under:-
" Accordingly the inquires referred herein above, the order super ceding the petitioners and the order appointing Divisional Commissioner as Administrator of the bank are declared illegal and void ebonite and set aside . Because the petitioners have been removed illegally so their status as the BODs existing prior to the impugned order is restored.
The Administrator shall forthwith hand over the charge to the petitioners". Board of Directors" through the medium of this press conference assures the share holders, depositors of the bank that this Board has been working dedicatedly, honestly for the betterment of the bank.
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