The Hindu reports the High Court of Karnataka has ordered an independent probe to find out who pushed the Amanath cooperative bank into financial crisis.
The court said the first priority, however, would be to ensure that the bank was revived to protect the interests of the depositors.
The court asked the bank to submit its audited statement of accounts soon , besides asking the Reserve Bank of India to inform what financial stability it required to lift the restriction imposed on customers for withdrawal of their deposited sums.
The court questioned the Chairman of ACB on why no action was initiated as per the law against those responsible for certain misdeeds, despite this aspect being revealed in an inquiry.
The court would hear petitions, related to various issues about the ACB, in June.