NDCC directors to knock HC doors

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Nashik: As there is not any cooperation by government, directors of Nashik District Central Cooperative Bank decided to go to High Court against RBI decision to dissolve the board of directors. Advise is being taken from expert lawyers in Mumbai for this and directors have made preparations to file a petition in next week.

The Commissioner (cooperation) had dissolved the board of directors of NDCC in December, 2017 under section 110 (1) (3) of Maharashtra Cooperative Society Act and appointed the administrator on the bank. As people’s representatives complained against this decision there was controversy over it. NABARD had in its report mentioned that bank had suffered financially due to controversial decisions by the board of directors and rise in NPA due to non-recovery.

On the basis of this report, state government had issued a letter in July, 2017 to Reserve Bank of India asking to dissolve the board of directors. Over possibility of future action, the board of directors had decided to surrender to BJP. Accordingly, BJP’s Keda Aher was appointed as chairman of the bank.

On the other hand authorised enquiry officer Nilkanth Kare had filed chargesheet under section 8 against the board of directors and had issued notices to directors for recovery of Rs. 8.5 crore. Thereafter, the Commissioner (cooperation) on the basis of RBI letter had issued to dissolve the bank of directors on Saturday (Dec. 30) and had appointed divisional registrar Milind Bhalerao as administrator.

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