In a major development the Cosmos Co-operative Bank’s, Group Chairman, Dr. Mukund Abhyankar has been reinstated as the President of National Federation of Urban Co-operative Banks and Credit Societies Ltd, NAFCUB, according to a mail sent Mukund Abhyankar to Indian Cooperative.
The Arbitrator pronounced his judgment on, Thursday, 29th September 2016, and decreed that it was illegal on part of the members of NAFCUB Board to oust Dr. Abhyankar without the subject being on agenda, read the mail.
The order also quashed subsequent election in NAFCUB Board of Directors meeting of 20th March 2016, wherein Mr. Jyotinder Mehta of Gujarat was declared as elected President of NAFCUB, the mail noted.
The Arbitrator has concluded that the procedure and proceedings for removal of Claimant, Dr. Mukund Abhyankar as per 147th meeting dated 25.02.2016 were illegal and invalid.
The NAFCUB members had tried to oust Dr. Abhyankar for his stance of giving roadmap in the Reserve Bank of India’s Gandhi Committee which recommended conversion of large Urban Co-operative Banks into private, commercial or small finance banks at their options.
NAFCUB Board in its meeting of February 25, 2016 had illegally removed Dr. Mukund Abhyankar as President of NAFCUB against which Cosmos Bank and Dr. Abhyankar had approached Bombay High Court in March 2016. The Bombay High Court directed the case first for Arbitration. Thereafter making formal complaint by Cosmos Bank to Central Registrar, who appointed Mr. G. G. Saxena (retired IAS officer) as Arbitrator.
