MAPUSA: The shareholders of Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) have demanded for the immediate resignation of the Board of Directors of the bank.
Further, the shareholders want the government to take over the bank to save the funds of depositors and shareholders.
Addressing a press conference at Mapusa on Friday evening, Mapusa Municipal Councillor Raj Singh Rane, who is also a shareholder in the bank, said that the Board of Directors should submit their resignation if they cannot handle the affairs and govern the bank.
“The ex-chairman of the bank, Ramakant Khalap is trying to settle some score and is the one to be blamed for the all the problems. We demand that the Board of Directors submit their resignation. There is something definitely wrong with the management system which has led to the downfall of this bank which was well established and had over ten properties of its own,” Rane said.
“Earlier we used to raise the issues in the AGM but now it is time the people know what is going on. One year back we demanded resignation of the Board of Directors and requested the RBI to issue an administrator. The case was presented in court but the bank has withdrawn the case. The questions is have they put any terms and conditions before RBI before withdrawing the case,” Rane said.
Yeshwant Gaundalkar, another shareholder, questioned the move by the Board of Directors to withdraw a case from the High Court.
“Why did the board of directors withdraw the case from the High Court over the embargo of the RBI if they are serious in restoring the banking operations? They have made a mockery of the shareholders by withdrawing the case from the High Court,” Gaundalkar claimed.
Earlier on Thursday, a meeting of the Board of Directors of the bank was held to deliberate on the impact of the RBI sanctions. They had decided to approach the Reserve Bank of India and appeal that the embargo imposed on the cooperative bank to be lifted in view of the upcoming Ganesh festival as customers require access to their funds.
