FAST REWIND
>> Coming under severe financial stress, the chairman asked the State government to take over the management
>> The Apex Bank had issued an embargo on the bank in July 24, 2015, severely crippling its banking activities
>> The MUCB management had then approached the Bombay HC Goa and got some relief but could never come out of the situation
>> The chairman in his letter had said that the BoD was ready to resign and hand over the reins of the bank to the government
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MAPUSA: Coming under intense pressure from the shareholders and the employees, the Mapusa Urban Coop Bank, Chairman, Gurudas Natekar and his board of directors resigned on Tuesday virtually putting the ball in government’s court.
“We have taken a unanimous decision to resign at board of directors today. The resignation will be forwarded to the central registrar, RBI and the state government,” Natekar said.
The MUCB chairman was addressing the media after presiding over the board of directors meeting for the last time on Tuesday.
Natekar said the three-and-half year term of the bank was very tough due to restrictions imposed by the RBI.
“If the bank benefits by us going out, then well and good. We want the bank to survive in the interest of the depositors, staff and people of Goa,” he said.
The focus was on the chairman and the BoDs after the Reserve Bank of India imposed severe curbs on the bank on Tuesday last week (August 28) virtually bringing the functioning of the bank to a halt.
It may be recalled the Apex Bank had issued an embargo on the bank in July 24, 2015, severely crippling its banking activities.
The MUCB management had then approached the Bombay High Court at Goa and got some relief but the bank could never come out of the situation due to the Apex Bank’s curbs.
Coming under severe financial stress, the chairman in a letter to Chief Minister, Manohar Parrikar in June this year had admitted that they were unable to run the bank and asked the government to take over the management.
The chairman in his letter had said that the BoD was ready to resign and hand over the reins of the bank to the government.
RBI in its first embargo had restrained the MUCB in 2002. These directions were later relaxed by the RBI after the coop bank improved its financial position.
The Tuesday’s resignation of the chairman and his board has brought to an end a tumultuous period in the Mapusa bank since the founding chairman and Congress spokesman, Ramakant Khalap and his panel was elected unopposed as the BoD in July 2015.
Besides Khalap, his wife and son were also elected as directors in the bank. Later, Khalap’s son went on to become the chairman of the bank.
Soon after RBI’s embargo in July 24, 2015, Khalap’s son resigned and Gurudas Natekar took over as the chairman of the bank.
The bank’s board comprised of the following members: Gurudas Natekar, Ashwin Khalap, Babuso Adfadkar, Mangaldas Naik, Michael Carrasco, Nirmala Khalap, Pradhnya Naik, Ramakant Khalap, Ramesh Pankar, Tulio de Souza and Shambu Bhau Bandekar.
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Explain sorry state
of the bank: Staff
MAPUSA: There was utter chaos, as a hapless Chairman of the Mapusa Urban Coop Bank Gurudas Natekar was left to fend an agitated group of employees who demanded presence of all directors at the meeting called to discuss the bank’s state of affairs.
Targeting the bank’s founding chairman, Ramakant Khalap, many of the restless employees demanded his presence at the meeting.
“Where are the other directors? What about the three members of a family who were elected as directors? Tell Khalap to face us,” one of the many employees shouted, as virtual commotion broke out at the employees meeting.
The chairman was also not spared with many referring him as a puppet who danced to the tunes of powers that be.
“We know you were used. But we will not spare you. We will sit in front of your house and agitate,” another employee said.
Addressing the staff, Natekar said that he was no longer the chairman after the resignation, but attended the staff meeting only because he had promised to do so.
“I have come here only to keep my word. I cannot force other directors to attend this meeting,” Natekar replied.
The employees refused to accept the chairman’s explanation and rushed towards the dias blaming him and the directors for leading the bank to the present sorry state of affairs.
The President of MUCB employees union and officer’s association, Subhash Naik Jorge said that since the board of directors had resigned now it was for the government to take the next step.
He said the union will approach the government and the RBI and impress on them to take necessary steps to put the bank on rails.
