In a dramatic turn of events, the panel backed by former chairman Ramesh Bung has secured a sweeping victory in the Board of Directors elections of the Telangana-based AP Mahesh Urban Cooperative Bank.
This outcome comes despite a series of graft charges and allegations leveled against Bung and his team, ranging from fund mismanagement and governance failures to regulatory violations and corruption. The election was held on December 7, with vote counting completed on December 8 (Monday).
According to informal results, which are yet to receive official confirmation from the Cooperative Election Authority, the Bung-backed panel has won 13 out of 15 board seats.
However, only 14 seats were actually contested, as one seat reserved for SC/ST candidates remained vacant due to the absence of any contesting candidate. Within the contested seats, the panel secured 11 general seats and 2 women seats, leaving only one seat for the rival Founder Panel headed by Kailash Narayana.
Speaking to Indian Cooperative, Bung expressed gratitude to the shareholders for their support. “We have won 13 seats, and only one seat has gone to the panel led by Kailash Narayana. This victory is a tight slap to those spreading allegations of corruption and mismanagement,” he said.
It is noteworthy that Ramesh Bung himself was barred from contesting the election due to the enforcement of Section 10A(2A)(i) of the Banking Regulation Act, which restricts individuals from seeking re-election after completing the maximum permissible tenure. However, Bung is widely believed to have positioned loyalists to retain significant influence over the bank’s leadership.
Despite the cloud of controversies, the informal results indicate strong and continued support for Bung within the shareholder community.
