The recent elections of the board of directors of the Goa state cooperative bank have stirred controversy as the govt wrested control of the bank even if the govt backed candidate BJP MLA Phaldesai had initially lost to the panel led by the bank chairman Ramchandra Mule.
Addressing the press Chief Minister Manohar Parikar claimed, majority of the elected members have met him and urged resurrection of the bank. Parikar assured the new board of directors of his full support. The outgoing management led by Mule was corrupt and indulged in gross irregularities with abandonment. Appropriate legal action would be initiated against the outgoing management, Pariker added.
Within a couple of hours after the vote, there was a sudden change in the situation. Some of Mule’s elected supporters changed their mind and extended their support to Phaldesai. Thus Mule stood dislodged from power.
The Goa state cooperative bank is the fulcrum of the cooperative sector in the state. The bank claims a total deposit of Rs 11000 crore.
According to the chief minister, the bank is in a difficult situation with an unusually high NPA and poor capital adequacy ratio. The Rs 46 crore loan the govt owned Kadamba transport corporation owes the bank would be sorted out as soon as the new management starts functioning, he noted.
On the other hand, a crestfallen Mule is in confabulations with his supporters and still trying to effect a shift in the balance of forces in his favour. He insists the elections for the chairmanship and vice-chairmanship should be held without any delay.