The panel led by the incumbent Chairman Durgesh S Chandavarkar has made a clean sweep in the elections of leading UCBs of India-SVC Cooperative Bank, results for which were announced by the Returning Officer. The panel led by Pagare had to suffer a humiliating defeat, according to the details of results made available to the Indian Cooperative.
Despite all his tall claims, Pagare’s panel candidates failed to secure a single berth on the board of the bank. Chandravarkar got 17,111 votes whereas Ravi Pagare received 1,227 votes. Pagare’s wife Ms. Sushma Pagare got 982 votes.
All the 15 seats of board of directors have gone to the Chandavarkar’s panel underlining members overwhelming support for his Panel. Among the newly elected Directors, six are newcomers while the rest are old hands.
The names of the elected candidates include Durgesh Chandavarkar, Raghunandan Bangalorekar, Prakash Bijoor, Devdutta Chandavarkar, Sunil Gokarn, Girish Karnad, Arun Mavinkurve, Gautam Mudbhatkal, Sudhir Mundkur, Amarnath Savnal, Pramod Shedde, Satish Rao Tonse, Seema Trikannad, Maitreyi Sanadi and Rubab Tadvi.
The new board also consists of a few professionals, for instance, Prakash A. Bijoor is a Chartered Accountant who has worked for international companies in India. Besides, Sunil Gokarn is M. Com, LL. B (General) and CAIIB. The woman Director Ms. Maitreyi Sanadi has specialized in corporate credit and has administrative experiences.
Durgesh Chandavarkar himself has over 40 years of experience across varied industries and he is at the helm of many companies. He is the Chairman & Managing Director of Standard Greases & Specialities Private Limited, Chairman of Royal Castor Products Limited, Director of Astrum Healthcare Private Limited, Standard Oils & Greases Private Limited, Tide Water Oil Co. (India) Ltd. and Veedol International Limited based in the United Kingdom, claims the SVC Bank website.
The election of Chairman and Vice-Chairman will be held soon but sources confide that incumbent Chairman Durgesh Chandavarkar is going to be elected again as the Chairman.
It bears recalling that out of 1.72 lakh eligible voters, around 19,180 cast their votes in the election at the 125 voting centres formed at the 102 branches of the bank. Jayant Patil, Deputy Registrar, Mumbai was appointed as the returning officer.
In the runup to the elections, much mudslinging was seen. Allegations and counter allegations were the order of the day. Hopefully, the newly elected team will carry everyone across, forgetting old memories for the sake of UCB’s growth.
SVC Bank is the second largest urban cooperative bank of India. The Bank’s total business as on 31st March 2023 stood at Rs 33,480.61 crore and earned a net profit of Rs 176.31 crore.
The list of elected board of directors is as follows:
- Durgesh Chandavarkar
- Arun Mavinkurve
- Prakash Bijoor
- Raghunandan Bangalorekar
- Pramod Shedde
- Sunil Gokarn
- Girish Karnad
- Devdutta Chandavarkar
- Sudhir Mundkur
- Satish Rao Tonse
- Gautam Mudbhatkal
- Amarnath Savnal
- Maitreyi Sanadi
- Seema Trikannad
- Rubab Tadvi