The hearing in the matter of Arbitrator’s award reinstating Mukund Abhyankar as the president of apex national body of urban cooperative banks NAFCUB would take place in the Delhi High Court on Thursday.
Nafcub and its President Jyotindra Mehta are challenging the judgment of Arbitrator Mr G G Saxena on the grounds that the Board decisions cannot be set aside as these were taken keeping the organization’s interest uppermost in mind. They have enlisted Advocate Rajappa for the job.
Earlier, in the wake of Arbitration’s verdict going in favour of Cosmos Co-operative Bank’s, Group Chairman, Dr. Mukund Abhyankar, Central Registrar had ruled that the status-quo be maintained.
Meanwhile, Jyotindrabhai Mehta sought legal advice for the next course of action and ultimately decided to challenge the order in Delhi High Court.
Sources are quoted saying the Arbitration has set aside proceedings of the two board meetings 147th and 148th. In the 147th Board meeting, a no-confidence motion was passed against Abhyankar and the 148th meeting decided to go for fresh elections.
The order also quashed election to the NAFCUB Board of Directors held on 20th March 2016, wherein Mr. Jyotinder Mehta of Gujarat was declared elected President of NAFCUB.
The Arbitrator has stated that proceedings adopted for removal of claimant, Dr Mukund Abhyankar in the 147th meeting dated 25.02.2016 were illegal and invalid.