the goan I network
mapusa
The election to pick the new Board of Directors of the Mapusa Urban Coop Bank (MUCB) has been postponed indefinitely. MUCB Chairman Gurudas Natekar informed that elections to the new board have been temporarily put off, as talks of merger with Punjab and Maharashtra Cooperative Bank Ltd (PMC) was in advanced stage.
Earlier, Natekar had fixed the election for the MUCB board on March 23 and also appointed Raghunath M Dessai as the Returning Officer.
“The election for the new MUCB board has been postponed for two reasons “ merger talks with PMC and the ensuing parliamentary elections in the country,” Natekar said.
“PMC has prepared the due diligence report and valuation of the bank. They will place it before their board and after getting the response from them, we will place it before our board,” he said.
Last month, at least 12 auditors of PMC bank had come down and were examining the records of the MUCB.
Natekar said the Central Registrar has been intimated about the latest developments and the decision to postpone the board election.
It may be recalled the election to the last board of directors was held on July 12, 2015.
The board of directors comprised of 11 members with two posts reserved for women and one each for Scheduled Tribe and Schedule Caste.
The bank’s outgoing board comprised the following members: Gurudas Natekar (chairman), Ashwin Khalap, Babuso Adfadkar, Mangaldas Naik, Michael Carrasco, Nirmala Khalap, Pradhnya Naik, Ramakant Khalap, Ramesh Pankar, Tulio de Souza and Shambu Bhau Bandekar.
It may be recalled soon after the election of BoDs, the Reserve Bank of India had issued an embargo on the bank in July 24, 2015 severely crippling its banking activities.
