NAFCUB: Abhyankar stakes claim, Joins as Prez

Mukund Abhyankar, Group Chairman of Pune headquartered Cosmos Bank staked his claim as President of the apex national body of more than 1700 urban cooperative banks and thousands of credit co-ops in the country Nafcub on Monday at its office in Narayana in Delhi even while the verdict of Delhi High Court was yet to come at the time of writing this report.

“Yes I have taken over today”, said Abhyankar talking on phone from Nafcub office where he reclaimed his position after a gap of approximately 10 months.

Justifying his joining Abhyankar said “According to the revised Arbitration Act the order is to be implemented after 90 days and since on 27th December this criterion was fulfilled I have joined today without any hassle from any quarters”, he added.

”Though I have informed the Central Registrar, the RBI and all other concerned stake-holders”, he underlined. “I could have joined on 28th December but since Jyotindra Mehta and his team went to High Court I waited till the matter is heard. When it has been dismissed in the High Court last Tuesday I decided to honour the Award of the Arbitrator, he stated.

He conceded though that the written judgment is yet to come. It was around 5pm in the evening on Monday when this correspondent talked to him and till then the judgment had not come.

According to sources, Abhyankar joined in the presence of Chief Executive Subhas Gupta.” It was upon Gupta as CE to felicitate the implementation of Arbitrator’s order and he was with me for the whole day”, said Abhyankar. There were no other Directors present on Monday at the time of his joining, Indian Cooperative has learnt.

Soon after joining he also decided to hold the board meeting on 24th January at NCUI. Gupta has signed the agenda for the meeting and is in the process of informing all the board members. Readers would know that Nacfub is organizing an International Conference on 4-5th February.

The Board meeting is a must as we have to prepare for the conference. Jyotindra Mehta is the Chairman of the Organizing Committee formed to oversee the preparations and I am of the view that he should continue with his assignment, said Abhyankar reflecting his new-found confidence.

The meeting would also decide on speakers and related matters as it would also put a final seal of approval on the Committee’s role in the Conference, he said.

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