Nishikant Khajuria
JAMMU, Dec 3: The State Government has taken over the control of Citizen’s Cooperative Bank Ltd, Jammu, and appointed a Board of Administrators to manage affairs of the bank besides causing the elections of the CCBL Board of Directors to be held.
The Board of Administrators, comprised of Arun Kumar Manahs, Additional Deputy Commissioner Jammu (Admi-nistrator), Gh Mohi-ud-Din Kolay, Assistant Registrar, Registrar Cooperative Societies, J&K ( Member), Managing Director, CCBL and a representative of the Regional Director, Reserve Bank of India, Jammu.
The order in this regard was issued by Registrar Cooperative Societies, J&K, Jammu, in pursuance of the State High Court order and in exercise of powers vested under Section 29 of J&K Cooperative Societies Act 1989.
“I, Bashir Ahmad Bhat, Registrar Cooperative Societies, J&K, in pursuance of the orders, dated 24-10-2016 of the High Court of J&K and in exercise of powers vested in me, hereby constitute a Board of Administrators to manage the affairs of the Bank and to cause the elections to be held to the Board of Directors of the Bank, in accordance with the provisions of the J&K Co-operative Societies Act 1989, Rules and By-laws of the said CCBL,”, says the order, number 06 RCS/B&F of 2016, dated 02-12-2016.
“The CCBL, being a Banking Co-operative Society where depositors have parked their hard earned money and to safeguard all its interests and till elections are conducted in accordance with the provisions of Co-operative Societies Act, it has become imperative to place a Board of Administrators in position, which shall, besides looking after the affairs of the CCBL, facilitate in the conducting of the elections to the Board of Directors of the CCBL,” the order elaborated further.
Pertinent to mention that by its order, dated 24-10-2016, the High Court had finally disposed of a writ petition of CCBL and commanded the Registrar Cooperative Societies to hold the elections to the Board of Directors of the Bank in pursuance of the directions of the Division Bench of the HC of J&K, Srinagar, passed in LPA (OW) No, 04/2016, dated 20-05-2015.
The Board of Directors, constituted following elections in September 2012, was to hold the office for a period of three years, as provided under Section 29(2) of the J&K Cooperative Societies Act 1989, i.e. upto September 2015. Upon completion of the term, the Registrar had earlier also appointed an Administrator to manage affairs of the bank but the said order was assailed through the medium of a Writ Petition before the court through outgoing Chairman of the Board of Directors, Dinesh Gupta and another. However, by its order, dated 24-10-2016, the High Court finally disposed of this writ petition and commanded the Registrar Cooperative Societies to hold the elections.
Following issuance of the formal order by the Registrar, sources told the Excelsior that newly appointed Administrator Arun Kumar Manhas along with Assistant Registrar Gh Mohi-ud-Din Kolay reached the CCBL headquarters in Gandhi Nagar this evening and formally took over management affairs of the bank.
When contacted, Arun Kumar Manhas confirmed that the Board of Administra-tors has taken over CCBL Jammu for looking after affairs of the bank besides facilitating conduct of the elections to the Board of Directors in accordance with the Act, Rules and Bye-Laws.
Follow our WhatsApp channel