The apex body of urban cooperative banks and credit co-ops NAFCUB is going to hold its Annual General Meeting this month on 20th August amid the lack of clarity as to who is the President.
Jyotindra Mehta says Nafcub issue has got into a legal deadlock and work is suffering. Without naming anyone he says because of the stubbornness of one person the federation is marking time till things get better.
Putting the history of controversy in the perspective, Mehta underlines the fact that a cooperative organization ultimately runs on the principle of democracy. “If you have the number nobody can stop you but if you have none-it is illegal, immoral and unethical”, he said at the Press Club of India where he had come on our request.
Mehta also said according to the order of Central Registrar of maintaining the status quo he is the President of Nafcub as of now; but in order to set a moral benchmark he had decided to take over only after seeking the mandate from the Board.
Mehta tells it all in this video; Watch on your own: