Team Herald
MARGAO: Shareholders and account holders of the Margao Urban Co-operative Bank Ltd at a meeting on Sunday resolved to ask the bank directors to submit the list of defaulters as promised at the general meeting held on December 26, 2020, failing which they threatened to gherao the directors at their residences or offices.
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They have also warned the directors of filing a criminal complaint against them while one person threatened to go on an indefinite hunger strike to get the bank to pay the depositors their amount.
The Board of Directors adjourned the meeting scheduled on January 10 due to the pandemic on grounds that social distancing would not be possible. The cancellation was totally condemned by the large number of shareholders and account holders who had gathered for the meeting.
Those gathered also resolved to get the details of the bank’s assets including movable and immovable properties besides seeking immediate reduction in the staff and terminating the services of all contract staff.
It was also resolved to merge bank branches in rented premises with the nearest branch and shut the premises taken on rent so that the bank’s maintenance cost is reduced. Besides, it was resolved to solve the lockers’ issue by allowing the locker holders to empty their lockers.
“The bank has run into loss only because of mismanagement as the directors sanctioned loans to their friends without collecting the requisite collateral,” the shareholders alleged.
“In many cases the collateral is worth less than the amount taken as a loan,” claimed Ashish Kamat, who was on the committee appointed in 2017 to revive the bank.
Chandan Naik, the bank’s former employee said, “The problems have been going on since 2017 and sought to know why Ramakant Angle besides resigning as chairman of the Board of Directors also resigned as the Director.”
“He resigned because he knew that Reserve Bank of India would take stern action against the bank,” he claimed adding that the company that had purchased bonds of the bank when Angle was heading it has since been liquidated and yet the bank authorities claim its details cannot be given as the matter is sub-judice though the High Court has dismissed the matter and no appeal was filed against the dismissal.
“The bank has liquid case of around Rs 125 crore but the amount to be dispersed is around Rs 200 crore so where will they get the balance Rs 75 crore,” he asked adding that Rs 38 crore given as loan to the mining sector have turned into non-performing assets.
Dionisio Sardinha, who has filed a petition before the High Court, which is scheduled to be heard on January 19, said he would go on indefinite hunger strike if necessary to ensure that the poor depositors get their amount back.
“The poor have worked hard and deposited their earnings in the bank’s branch at Curtorim on Sunday as it was open and while they are being harassed, today, the rich, who took hefty loans, are roaming around without any worry as they have no money deposited in the bank,” he said.
Zilla Panchayat former member Morenos Rebello on behalf of the Curtorim Comunidade said, “Rs 45 lakh of the comunidade are in the Margao Urban Bank while, attorney Simon Barretto said the comunidade cannot pay the zonn as the amount in the bank is frozen.”
Those gathered also demanded that the MLAs of the areas where the Bank has its branches should support the depositors in their struggle and prevail upon the authorities to release their amount.
A meeting of the shareholders and account holders from San Andre is scheduled on January 17, where more signatures will be collected.
