In the election of Maharashtra’s Satara-based Janata Urban Cooperative Bank, Wai, two directors who had completed more than 10 consecutive years on the board have lost the election, despite their nominations being cleared following the Maharashtra Cooperation, Marketing and Textile Department’s clarification on the tenure rule.
The two directors, Sureshrao Korde and Jagannath Kadam, had cleared scrutiny and were allowed to contest after the State clarified that completion of 10 consecutive years as a director, by itself, cannot be a ground for rejecting a nomination. According to the official result, Korde secured 1,751 votes, while Kadam polled 1,640 votes.
Both Korde and Kadam contested from the Sansthapak Panel, which fielded candidates for the election but failed to win any of the 10 contested seats. In contrast, the Parivartan Panel swept all 10 contested seats and also secured the one seat that had earlier been filled unopposed, taking control of all 11 seats on the new board.
A total of 21 candidates were in the fray for the 10 contested seats, with the Sansthapak Panel and Parivartan Panel fielding candidates, along with one independent candidate.
The bank has a business volume of around Rs 160 crore and accumulated losses of approximately Rs 3.50 crore, down from about Rs 8 crore earlier.
