Unending Drama: Mehta in; Abhyanakar out

In a major setback to the Cosmos Bank Group Chairman Mr Mukund Abhyankar the Central Registrar Mr Ashish Bhutani on Thursday disapproved act of “forceful assumption” of office by him and asked him to vacate the office sooner than later.

Acting on behalf of the Central Registrar P. Sampath, Director (Cooperation) issued an order under the heading “Urgent/Most Immediate” and asked the Chief Executive of NAFCUB Mr Subhas Gupta to convey the same to Abhyankar as soon as possible.

The order (a copy of which is with the Indian Cooperative) reads “The forceful assumption of office of NAFCUB by Mukund Abyankar has not been in consonance with the provisions of the Act, and further the same has to be executed as per the provisions of section 36(1) of the Act by filing an execution application separately by the petitioner.”

Earlier, incensed by the act of Abhyankar, Mehta had rushed to Delhi Thursday morning and met the Central registrar expressing his anguish at the breach of law by Abhayankar. “He has made blunder”, said Mehta on his return to Rajkot late Thursday evening to this correspondent. It was a fruitful day for Mehta as his argument held good and the Ministry asked Abhyankar to vacate office.

Sampat’s order also named S Rajappa, advocate-on-record, NAFCUB who wrote to the Ministry on the issue. In passing this order the Ministry also drew from the observation of the High Court which had observed “While there’ may be merit in the said contention raised by the ‘petitioners, but at the same time, the petitioner cannot himself execute the award and forcefully resume the position as President”.

The High Court had clearly observed” In case there is non-implementation or failure to comply with the award, the petitioner No. 1(Abhyankar) would have to file an execution application.”

Oblivious of the development Abhyankar expressed surprise in the evening when this correspondent talked to him seeking his reaction on the development. “I will react when I see the order; have you got a copy of the order; can you mail that to me”, he said to this correspondent.

It was obvious no matter how “urgent or immediate” be the category of order passed by the Ministry, NAFCUB and its Chief Executive move at their own pace. It was Indian Cooperative finally which forwarded the copy of order to Abhyankar who promised to react on Friday after talking to his lawyer.