The apex body of urban cooperative banks and credit co-ops NAFCUB has become a hotbed of controversy as the fight between factions has degenerated into a war lacking any norms. The erstwhile President Jyotindra Mehta has strongly condemned the act of occupation of President Office by Mukund Abhyankar on Monday.
On Monday Abhyankar went to the Delhi headquarters of the co-operative body and staked his claim in the presence of Chief Executive Subhas Gupta. Mehta has condemned the act and said “no matter how hard I try I cannot escape fighting”, he added referring to the act of physical takeover of the President office by Abhyankar.
Explaining further Mehta said according to Sections 34&36 of the Arbitration Act- for the execution of award one has to seek decree from a civil court. Abhyankar simply showed the thumbs down to the rule of law by ignoring the process and occupying the NAFCUB’s President office.
In this connection, Mehta quoted the 2nd November 2016 order of Delhi High Court which clearly stipulates “While there may be merit in the said contention raised by the petitioners, but at the same time, the petitioner cannot himself execute the award and forcefully resume the position as President of the National Federation of Urban Cooperative Bank and Credit Societies Limited”. Indian Cooperative has a copy of the order.
Mehta’s Advocate followed it up by serving a legal notice on Abhyankar. The notice says ” since law and the court order do not recognise you as President of NAFCUB, you are called upon not to assume the position of President of NAFCUB and stop forthwith your action of communicating with other members of the Board of Directors of NAFCUB that you are acting as President of NAFCUB.”
“In the best interest of the Board Members of NAFCUB and the institution of NAFCUB as such, you ought not to precipitate the issue any further, however, if you continue to assume the power of President of NAFCUB, the consequences will have to be borne by you at your risk and cost as I have been instructed by my clients to take appropriate legal action against you. Acknowledge receipt of this legal notice”, the Advocate’s notice reads.
