Coming after Arbitration’s verdict concerning NAFCUB going in favour of Cosmos Co-operative Bank’s, Group Chairman, Dr. Mukund Abhyankar, Central Registrar has ruled that the status -quo be maintained.
The verdict came on 29th September and on 30th September Central Registrar Ashish Bhutani has ordered that the status of the NAFCUB Board as on 28th September has to be maintained till further orders, sources say.
Meanwhile, Jyotindrabhai Mehta is mulling over his next course of action. He is most likely to go to court for which he has about 30 days of time. “We are seeking legal advice as to what is to be done, he told this correspondent on phone. On the question of time frame, he said” we would decide our line of action in a couple of days.”
Sources are quoted saying the Arbitration has set aside proceedings of the two board meetings 147th and 148th. In the 147th Board meeting, a no-confidence motion was passed against Abhyankar and the 148th meeting decided to go for fresh elections.
Readers would note that in a major development Dr. Mukund Abhyankar was reinstated as the President of National Federation of Urban Co-operative Banks and Credit Societies, NAFCUB on 29th September.
The Arbitrator pronounced his judgment on Thursday, 29th September 2016, and decreed that it was illegal on the
part of members of the NAFCUB Board to oust Dr Abhyankar without the subject being on the agenda.
The order also quashed election to the NAFCUB Board of Directors held on 20th March 2016, wherein Mr. Jyotinder Mehta of Gujarat was declared elected President of NAFCUB.
The Arbitrator has stated that proceedings adopted for removal of claimant, Dr Mukund Abhyankar in the 147th meeting dated 25.02.2016 were illegal and invalid.
