Cosmos Bank: Old guards win

The attempt to displace the incumbent Board of directors at the recently held election of the fastest growing urban cooperative bank Cosmos in Pune was foiled by the shareholders who unmistakably reposed faith once again in the incumbent board.

Niradhar panel as opposed to the incumbents’ panel Sahakar Panel, tried to introduce keen competition in the elections but was not able to dent the stronghold of the latter on the share-holders.

The Sahakar Panel, representing the present Board of Directors won this election with a landslide victory. All candidates of Nirdhar Panel were defeated, demonstrating the unshakable faith of share-holders on the present Board of Directors.

On December 28th, 2014 votes were cast for the election of the Board of Directors of Cosmos Bank for the year 2015 to 2020. For this election 9,345 members from 62,000 members cast their votes.

Nirdhar Panel had stood for election against present Sahakar Panel making this election look like a keen competition. While in reality, Sahakar Panel has defeated Nirdhar Panel with a huge difference.

The elections for the Chairman and Vice-Chairman are scheduled for the next week. Indian Cooperative’s attempt to find out the likely names was met with total silence. If the previous chairman Krishnakumar Goyal would continue or a new name would crop up, is anybody’s guess. “Wait for a couple of days, we would let you know”, said one of the newly elected directors to Indian Cooperative.

The counting of votes for this election took place at Lokmanya Sabhagruha, Kesariwada, Pune on January 1st 2015. Returning Officer for this Election, Mr. Shailesh Kotmire declared the election results. The victorious candidates and the votes they received are as below.

1.Dr. Mukund Abhyankar -5896

2.Madhukar Atre – 5548

3.Dr. Smita Jog – 5537

4.Milind Kale – 5468

5.Krishnakumar Goyal – 5354

6.Govind Kshirsagar – 5233

7.Adv. Jayant Shaligram – 5100

8.Prakash Joshirao – 5025

9.Sunil Sabnis – 5017

10.Rajiv Sabade – 4842

11.Adv. Pralhad Kokare – 4813

12.Adv. Shripad Panchpor – 4809

13.Jitendra Shah – 4026

From the total of 9,345 votes, 277 were discarded as invalid while 9068 were valid for counting. Chairman Emeritus Dr. Mukund Abhyankar received the highest number of 5896 votes. The election was conducted for the post of 13 Board of Directors. All the candidates of Sahakar Panel stood victorious.