MARGAO
Beleaguered depositors of Madgaum Urban Cooperative Bank (MUCB) now pin their hopes on the judiciary as the Goa bench of the Bombay High Court has converted a letter written by the depositors into a writ petition.
The High Court has issued notices to the MUCB and the first hearing is expected to take place on January 19.
Curtorim-based shareholder, Dionisio Sardinha, said he had written a signed letter to the High Court, highlighting the plight of the depositors and the MUCB’s failure to return their hard-earned money lying with the bank.
When Sardinha announced the High Court’s decision at the annual general body meeting, shareholders as well as the bank management, seemed happy that the judiciary has taken cognizance of the plight of the beleaguered depositors.
The MUCB management welcomed the news saying the RBI’s directives have crippled the bank’s functioning, adding that the High Court intervention will mete out justice to the depositors. “We are happy over the High Court ‘s decision since the RBI has been only extending the restrictions after every four months without any solution in sight,” a MUCB management official said, while adding there’s a ray of hope that some decision will now come from the High Court.
Sardinha assured the depositors that he would do the follow up in the High Court, even as other depositors have extended their full support for the success of the petition.
