Even as SCDCC Bank Chairman M.N. Rajendra Kumar has bowed out from contesting the Legislative Council polls, Karnataka state govt mulls the idea of dismissing him for alleged financial irregularities.
It is alleged that Rs 19 lakh was being transferred every year from the South Canara District Central Cooperative (SCDCC) Bank to Navodaya Grama Vikasa Charitable Trust, of which Kumar is the Managing Trustee.
Govt sources say the Registrar of Cooperative Societies has the power to disqualify him from being a member of the Board under Section 29C of the Karnataka Cooperative Societies Act.
