MARGAO
All eyes are focused on the Board meeting of the Madgaum Urban Co-operative Bank (MUCB) which is expected to clear the suspense on the adjourned general meeting of the bank fixed on January 10.
While the MUCB Board has rejected the demand of the shareholders to disclose the names of the loan defaulters, Friday’s meeting is expected to take a call on the fate of the adjourned meeting fixed on Sunday.
So far, the letter made by the Bank to the Registrar of Co-operative Societies to guide the MUCB Board on the question of holding the adjourned annual general body meeting, has failed to receive any response from the Registrar till Thursday.
MUCB Managing Director Kishore Amonkar informed that since the Registrar of Co-operative Societies has not got back to the Bank on the question relating to the holding of the adjourned annual general body meeting, the MUCB Board will meet on Friday to take a call on the contentious issue.
As far as the rejection of the demand for the disclosure of names of loan defaulters is concerned, the MUCB Managing Director said that the decision taken by the Board of Directors is final and that the demand cannot be met.
The Madgaum Urban Cooperative Bank had been under the scanner of the shareholders and depositors since the time the Reserve Bank of India had imposed a host of restrictions on the operation of the Bank, including restrictions on withdrawal of deposits.
At the annual general body meeting of the Bank on December 26, beleaguered shareholders had adjourned the meeting midway, demanding that the Bank disclose the names of the loan defaulters, before adjourning the meeting to January 10.
While the Board headed by Chairman Kishore Narvekar accepted the demand of the shareholders, promising to make available the list containing the defaulters by January 2, those who had gone to collect the list were left surprised after the officials informed that the list of loan defaulters cannot be given to the members.
The Bank also raised a question whether the adjourned meeting can be held on January 10 on the plea that the meeting was adjourned to facilitate the Bank to compile the list of loan defaulters, the issue which was not listed on the agenda.
