The BJP-ruled government in Himachal Praesh has dissolved the board of directors of Kangra Central Cooperative Bank (KCCR), according to TOI. The dismissed chairman Jagdish Sapehia has decided to challenge govt order in the court.
Himachal Pradesh cooperative minister Rajiv Sehjal had recently said in the state assembly the state government may handover the Kangra Cooperative Bank Nonperforming assets case to CBI for investigation.
According to the minister, KCB has been involved in several irregularities during the last five years.
Even as the bank is passing through a serious financial crisis, its functionaries are alleged to have been splurging money on their foreign jaunts, sources say.
The Kangra Bank has 200 branches across the state, but has been facing rising bad loans. Sapehia, who was appointed as the bank’s chairperson during the previous Congress government’s rule, said the BJP had been trying to take over the financial institution since it came to power, but failed at all fronts.
“I am going to move court against this government. This is dictatorship. I received a letter in which they have levelled baseless allegations,” Sapehia said.