The verdict in the case of NAFCUB elections is likely to be pronounced soon as the arguments have ended Tuesday evening. NAFCUB President Jyotindra Mehta who also took part in the proceedings on Tuesday said in another 10-12 days the verdict should come.
The two sides presented their arguments for two consecutive dates 29th and 30th. If it was the turn of Mukund Abhyankar and Cosmos Bank to argue their points on Monday, it was NAFCUB and Mehta who presented their arguments on Tuesday.
“Each side would submit its written arguments on 2nd September; after which the Arbitrator would pronounce his judgment; he may take 10 to 12 days, Mehta said to Indian Cooperative.
Talking to Indian Cooperative Mukund Abhyankar who did not come himself said ‘our lawyer presented our point of view “. It is not a court case and a lawyer is enough to represent us, he added.
Nafcub has, meanwhile, challenged the matter of case arguing it does not fall under the purview of arbitration. According to it, the MSCS Act 2002 is clear that arbitration is set into motion when there is a dispute between co-op society and its members. But in this case a dispute between members and society is not involved, say Nafcub sources.
‘This is one of the arguments; there are many; talk to our lawyer who would give you all the details, said Mehta to this correspondent.
Readers would recall that the matter pertains to Mukund Abhyankar’s ouster from the NAFCUB’s presidentship and the election of Jyotindra Mehta as the new face of the apex body of urban cooperative banks in the country.
The hearing of the case started in July. G G Saxena retired IAS is the arbitrator in the case. The arbitration took place in the office of Mr Saxena in Nitibagh.
The Bombay High Court had earlier rejected the petition of the ousted President of NAFCUB Mukund Abhyankar who challenged his ouster through a motion of no-confidence. The court had asked the petitioner to first follow the route of arbitration mediated by the Central Registrar.
Abhyankar has challenged his ouster on the ground that no separate Board meeting was called to discuss the lack of confidence in the President. Rather, in a routine Board meeting the matter was taken up and passed in unseemly haste.
Parties heard included Cosmos Bank, Mukund Abhyankar, Returning officer and all the Directors of NAFCUB including President Jyotindra Mehta.