In the case of NAFCUB elections the two sides Jyotindra Mehta and Mukund Abhyankar presented their written arguments in the court of arbitrator last week in Delhi. The next hearing is scheduled for August 20, knowledgeable sources say.
The matter pertains to Mukund Abhyankar’s ouster from the NAFCUB’s presidentship and the election of Jyotindra Mehta as the new face of the apex body of urban cooperative banks in the country.
The hearing of the case started in July. G C Saxena retired IAS is the arbitrator in the case. The arbitration took place in the office of Mr Saxena in Nitibagh an upscale area of south Delhi.
Neither Mehta nor Abhyankar showed up in the meeting. Lawyers of the two parties represented them submitting written arguments.
The Bombay High Court had earlier rejected the petition of the ousted President of NAFCUB Mukund Abhyankar who challenged his ouster through a motion of no-confidence. The court had asked the petitioner to first follow the route of arbitration mediated by the Central Registrar.
Abhyankar has challenged his ouster on the ground that no separate Board meeting was called to discuss the lack of confidence in the President. Rather, in a routine Board meeting the matter was taken up and passed in unseemly haste.
Parties to be heard are Cosmos Bank, Mukund Abhyankar, Returning officer and all the Directors of NAFCUB.