Mired in controversies, the board of directors of the Mumbai based Kurla Nagarik Sahakari Bank is moving a no confidence motion against Kisan Madane, the incumbent Chairman of the bank on Thursday i.e. 20th May 2021.
Additional Registrar Shailesh Kothmire, has called a meeting for the same at the Divisional Commissioner’s Office in Konkan Bhavan today, amidst Covid-19.
Directors against the Chairman allege bank’s Chairman Madane has done nothing for the development of the bank ever since he took over and in the interest of the bank there is a need to change the Chairman. Interestingly, there is no allegation of misappropriation of funds against the Chairman who took over the charge of the bank in February 2020.
It is reported that there are 16 directors out of which only four stands with the Chairman and the rest are against him. It is speculated that Madane will lose the confidence vote and there will be a change of guard.
Reacting to the development the incumbent Chairman alleged that two directors– Tukaram Dhonde and Vitthal Virkar are playing dirty politics with an aim to control the bank. There is no substance in their charges, he added.
Talking to Indian Cooperative the bank Chairman Madane said, ” I have taken over the charge of the bank last year and how can development be possible in one year when the banking industry is facing so many challenges. But if we compare the financial figures of 2019-20 FY with 2020-21 FY, the bank registered growth on deposits as well as advances”, he claimed on the phone.
“This is not the first time a Chairman is being removed from the position in one year but there have been other cases in the past as well. With chairmen changing fifteen times during 22 years, the bank’s growth has been affected. This is not fair, no one can develop the bank in one year”, Madane added.
Madane accused Tukaram Dhonde and Vitthal Virkar of indulging in mismanagement. When the recruitment was done in 1988, Dhonde’s brother’s sons and Virkar daughters were recruited illegally in the bank. The matter went to the High Court and even shareholders protested outside the bank against the illegal recruitment, he informed.
Kurla Nagarik Sahakari Bank has a network of 12 Branches spread across Mumbai, Thane and Raigad District.
