After ABP News it was the turn of Network 18’s Firstpost to train its guns on cooperative sector. It ABP targeted Adarsh Credit Cooperative, Firstpost has dissected the misdeeds of Uttar Pradesh Co-operative Bank Limited.
Ravi Kant Singh, Managing Director of Uttar Pradesh Co-operative Bank Limited is unrepentant. At least that is how he sounded when Indian Cooperative wanted to have his version of the story.
“There is democracy in India and everybody has right to publish whatever comes to his or her head’ Singh said in reaction to reports published about his misdeeds in the daily First Post. He made no effort to say his part of story.
It bears recall that the website Firstpost published a detailed report on how the UPCBL tried to tinker with the balance sheet and came out with an unsustainable figure of profit in the current year.
MD R K Singh was indicted by the Registrar of Cooperative Societies of UP NK Singh for first giving loans to Kesar Sugar Mills and later fudging the rising NPA as a long term loan.
First Post claims that it has NABARD’s confidential letter which makes it clear that the proposals to give loans were not discussed in the meeting attended by the representative of the regulator and entire decision was taken unilaterally by the Managing Director RK Singh.
“Restructuring of Rs.65.81 crore loan to Kesar Mills and sanctioning of Rs.60 crore to Simbhaoli Power was not discussed in the board meeting”, quotes the website.
Firstpost says that Registrar of Cooperative Societies, Uttar Pradesh, NK Singh has also stepped in and has asked the UPCBL to cancel the Rs.60 crore loan sanctioned to Simbhaoli Group that is being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for duping the Oriental Bank of Commerce (OBC) to the tune of Rs 109 crore. As per the rules, cooperative banks are supervised by the Registrar of Cooperative Societies (RCS) of state concerned.
When Indian Cooperative persisted in its questions to R K Singh he began to question our credentials. ”Who are you; I do not know you and why should I tell you anything”, publish whatever comes to your mind, Singh displayed a classic disdain for media.