Team Herald

MAPUSA: The shareholders of Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) handed over a memorandum to Chief Minister Dr Pramod Sawant appraising and requesting him to conduct the ongoing election of board of directors of the bank. 

They demand that the elections should be held under the supervision of the government wherein all the 1,25,000 shareholders get a chance to participate and elect the board of their choice.

A shareholder, Rajsingh Rane told Herald that they appraised Dr Sawant that at the elections conducted in 2010 and 2015 by the president of the Caretaker Board, only few shareholders were allowed to vote.

“They stopped others from contesting the elections. We appraised him on the present precarious condition of the bank due to mismanagement and misappropriation of finances under one time settlement (OTS) scheme to the tune of Rs 67 crore. We have requested to have a proper enquiry into the implementation of OTS scheme from 2005 to 2015 by the then Board. At the same time, we also requested him to appoint an administrator to look into the affairs of the bank as well as the ongoing merger issues of the MUCB with other banks so that the process gets smother without any one’s interventions and personal interests,” Rane said.

Rane said that the CM has assured them that he would look into the issues which they have raised. “The chief minister also said that the culprits who have brought down this one of the famous and well trusted common men’s bank will not be spared,” he said. 

The delegation of MUCB shareholders comprised of Rajsingh Rane, Sanjay Walwalkar, Kiran Sherodkar, Paresh Raikar, Yeshwant Gawandalkar and Kamlakant Bhartu.