NAFCUB: Mehta to chart his course after the verdict

Delhi High Court is likely to deliver a verdict today in the matter of Arbitrator’s award reinstating Mukund Abhyankar as the president of the apex national body of urban cooperative banks NAFCUB.

“Though it may or may not go against us but saying we have lost even when nobody has a copy of the judgment is not fair, NAFCUB President Mr Jyotindra Mehta reacted to Indian Cooperative story” High Court dismisses Nafcub-Mehta petition”. “Ask Mr Abhyankar if he has a copy of the judgment?, shot back Mehta.

And even if we lose, have we really lost? It’s a simple matter –we asked for the stay on the order of Arbitrator which Court may or may not grant. Mehta conceded, however that the very Act of arbitration somehow restricts the intervention of the court in such cases.

I have a simple point to make, Mehta went on, we are strongly opposed to privatization of the cooperative sector and being in the RBI committee Abhyankar did not oppose the move. Earlier, in our AGM and Board meetings or in any other fora we passed unanimous resolutions condemning the govt move to privatize the co-op sector, and here is the president of the body who does not even voice a note of dissent.

To tell you the truth, the entire Board was incensed over the issue, we may have made a technical mistake of not making it part of agenda but the members were emotionally seized of the matter and they passed a resolution expressing a lack of confidence in the President of NAFCUB, Mehta narrated the background story.

Abhyankar left the meeting in a huff and the Vice-President had to carry forward the affairs. Let me tell you even today he (Abhyankar) does not enjoy confidence of the Board. “Ask him if you think I am wrong”, Mehta said.

“The Directors of Nafcub were also shocked when in a meeting with Central Registrar on the issue of privatization, Abhayankar openly supported the idea”, he underlined.

Abhyankar, meanwhile is rejoicing that the verdict is going to come in his favour. He said Delhi High Court upheld the Award of Arbitrator last week. The Arbitrator had observed that the removal of Mr Mukund Abhyankar as the President of Nafcub was not valid. The HC bench also concurred with the arguments of Arbitrator on the issue of legalities of the Board meetings which ensured my ouster, Abhyankar added.

It was reported that the Court upheld Arbitration’s setting aside the 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.

On the issue of going to the Supreme Court, Jyotindra Mehta said ’let the judgment come first; we would chart our course thereafter; you do not have to wait for long as it is likely to come today.”

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