The apex body of urban cooperative banks NAFCUB does not know who is its President. A source says the May 25 court verdict has once again gone in favour of Mukund Abhyankar who is yet to claim his post in the cooperative body.
The apex body is so intensely in the doldrums that in the last two Board meetings neither Jyotindra Mehta nor Mukund Abhyankar presided over the meeting. The Vice President R B Sahandilya is said to have chaired both the meetings, added a source.
It bears recall that Abhyankar staked his claim in the wake of High Court ruling going in his favour earlier. Later it transpired that he had to acquire a decree from a civil court before assuming office.
The last hearing was conducted a day before the Holi and the judgment was reserved. It has finally come in favour of Abhyankar on May 25, 2017.
In a reply to an SMS sent to Abhyankar his brief reply was “The Judgment has come in my favour on 25th May, 2017. Next action depends on NAFCUB.” Abhyankar is, however, not picking-up phone, despite this correspondent making calls umpteen times.
Subhas Gupta, Chief Executive of Nafcub however says that the May 25th order talks of maintaining status quo till the arbitral proceedings are completed.
The date for the execution of order of High Court reinstating Abhyankar is on 31st August in Delhi High Court and one can get the picture only after that, clarified Gupta.
Nafcub represents more than 1700 urban cooperative banks and thousands of credit co-ops in the country. Interestingly, its website does not mention anybody as the President. It straightway begins with two Vice Presidents- R B Sahandilya and Vidyadhar Vamanrao Anaskar.
The state of uncertainty in the apex organization does not augur well for the cooperative movement in the country, said several cooperators Indian Cooperative talked to.
It is unfortunate that no clarity is there. If this is the situation who will take interest to bring the ailing co operative banks on track. Rupee co operative bank depositors are suffering from 5 years, and can not utilize their hard earned money for their emergencies. The bank is under RBI restrictions. Mr Abhyankar was actively participating in the effort to merge the bank in some nationalised bank. Since there was some dispute he resigned and the situation is stand still. Govt. can forfeit the loans of rich farmers cum politicians but do not take interest to solve this long standing issue. Now no one will keep faith on co operatives as these are under political nexus.