MUCB shareholders hail CM for his timely intervention

Team Herald

MAPUSA: The shareholders of Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) hailed Chief Minister, Pramod Sawant for his timely intervention by “thwarting” the attempt of the “acting Board of Directors” to gain a back door entry into the bank and thanked him for looking into the several issues including the caretaker board and the bank’s merger.

They said this will benefit the depositors, bank employees and its shareholders. Rajsingh Rane, a shareholder informed Herald on Wednesday that the shareholders are grateful to Sawant for fulfilling their demand.

“Now, we are assured that the Chief Minister and the government will take steps to conduct the ongoing election of the bank’s BoD in a smooth and transparent manner. This is a way of taking care of the interests of the 1,25,000 shareholders, depositors and the 200-odd staff since the merger was the last option before the MUCB,” he said. 

Rane said the timely intervention of the government thwarted the attempt of the “acting Board of Directors to get a back door entry into the bank the way they did in 2010 and 2015, all though they had resigned.” 

The delegation of MUCB shareholders who met CM with the memorandum last month comprised of Rajsingh Rane, Sanjay Walwalkar, Paresh Raikar, Yeshwant Gawandalkar and Kamlakant Bhartu.