An emergency meeting of the board of directors (BoD) of the Mapusa Urban Cooperative Bank (MUCB) accepted the resignations tendered by the entire BoD panel and decided to conduct an election to elect a new panel, reports TOI.
The bank had to act after it received a from the central registrar asking the UCB to either withdraw resignation or to go for an election.
The meeting was presided by board chairman Gurudas Natekar in the presence of director Ramakant Khalap, among others to discuss the issue of acceptance of resignation.
The meeting also decided to seek permission from RBI to incur expenditure for holding the election.