Last Sunday, after 12 years, there were elections of the board of directors in Bombay Mercantile bank -a cooperative bank for the minority in the country. The elections were held in its various branches across India.
The RBI conducted the elections in compliance with the Bombay high court directive. A shareholder of the bank had petitioned the high court for holding the elections.
According to the informed sources, there were 52 candidates in all for 15 positions on the board of directors.
However, many shareholders have expressed their displeasure over the way the elections have been conducted and even charged that some people who wanted to fight elections were not allowed to do so.
They have deplored the fact that proper information was not made available to those who wanted to participate in the elections and there obtained throughout confusion among the shareholders about the electoral proceedings
It bears repetition that Bombay mercantile bank had been beset by enormous non-performing assets and therefore had earlier been superseded by the RBI.