New Indian Express reports the Telangana High Court found office bearers of the AP Mahesh Cooperative Urban Bank guilty of contempt and punished them with simple imprisonment for 15 days and a fine of Rs 2,000.
The office bearers of the bank were Umesh Chand Aswa, Managing Director and CEO, Ramesh Kumar Bung, chairman, Purushotmadas Mandhana and Laxminarayan Rathi, Vice-Chairpersons and seven other directors.
However, the court suspended the sentence for 30 days in order to enable the defendants to appeal the court decision.
The Board of Directors had acted in contempt of the court by disobeying its orders and making decisions that had an impact on society’s issues while acting incognito. The court found that the Board of Directors on purpose ignored its directives.
