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| Director's demise puts CCBL chairman, management in tight spot | | Board loses legitimacy to run the institution | | Early Times Report
Jammu, June 16: At a time when Vigilance organization is tightening its noose around the Chairman of Citizens' Cooperative Bank Jammu, the death of one of the Directors may prove to be the last nail in the coffin of the incumbent management and Chairman of the bank Dinesh Gupta.
With the untimely death of Koushal Gupta earlier this week after brief illness, the strength of elected board of directors has reduced to less than what is required for a quorum and thus the board has lost the legitimacy to run the management of the bank. Despite the existing board of directors having completed their term the board is still running the management due to the weakness of the Registrar of Societies. However, the death of a board member has put a question mark on the legal status of the Board.
Pertinently, the elected Board of Directors, elections of which are held after every two years by the CCBL share holders, comprises of nine members. In the last elections, held in 2013, Dinesh Gupta group had emerged victorious and he (Gupta) was elected as Chairman. However, within a few months, one of the Directors, namely K Langar, resigned from the post citing personal reasons while two other members, Parveen Sharma and Varinder Jamwal, also resigned a few months earlier to lodge their protest against dictatorial style of functioning of the Chairman and his alleged acts of omissions and commissions in the bank, thus reducing the total number of Directors to six, out of nine.
Now with the death of Koushal Gupta, the total number of Directors has got reduced to only five, less than the required quorum with the result that the Board as well as its Chairman cannot run the bank. The ball is in the Registrar's court, who may issue an order for taking over the bank management any time, say legal experts.
Meanwhile, the Vigilance team has formally asked the CCBL to furnish the replies on certain queries regarding the investigation into allegations against the incumbent Chairman Dinesh Gupta.
The Vigilance team has also written to the office of Registrar Cooperative Societies to forward all the complaints against Dinesh Gupta to incorporate the same in the ongoing inquiry, which has been sought by the State Government. |
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