A representative of the PMC bank’s aggrieved depositors has addressed a letter to Indian Cooperative asking if the PMC bank’s scheme of amalgamation with Small Unity Finance Bank is not a travesty of justice. Livid, he has hurled barbs all around.
Shivaprasad Laxman Chhatre, who has written this missive is a Pune resident. In his letter, he says different stakeholders would look at the approved scheme of amalgamation of PMC Bank with Unity Small Finance Bank from a different perspective.
“Many affected entities, individuals, groups may look at it from filing group/public interest litigation or a class-action suit (prevalent in India in a limited sense) with the High Court of Bombay or with the honorable Supreme Court of India”, Chhatre said.
“I am looking at sustainable points that, if included by the senior Advocate or Advocate on record, as the case may be, who would render his services for filing such a suit with the High Court of Bombay or Supreme Court of India, would get attention to gross wrong done to bank depositors”, he added.
He says further in his letter – any petition to stand on firm ground, should show strong points of an unjust act of RBI like arbitrary disallowing/removing insured deposits to non-insured deposits, allowing better repayment terms to LTD bondholders than other unsecured deposits disregarding the priority/preference of creditors, and that RBI has not acted diligently and slaughtered the interest of unsuspecting depositors (the act of branch of trust), etc
He adds that a professional lawyer would need exact technical inputs to pinpoint them in the plaint, draw the attention of the honorable Court to see the suit sustains, receive the due attention on the violation of the fundamental rights and get quick disposal of the case.
He concludes his letter saying articles published in our journal shall also help him reach target readers and adversely affected depositors and customers.
It is most unfortunate that even after B.R Amendment act Govt and RBI is giving third degree treatment to depositors, shareholders of PMC Bank.
The amalgamation plan was made in non trasferant manner without involvement of stake holders.
It is shame, objections and suggestions were invited from stakeholders but it was thrown in dust bin.
Eventhough stakeholders are compelled to go to judiciary for justice, RBI & GOVT knows that they will defend their side as usual with battery of lawyers and unlimited public money.
I recollect Jalianwala Baugh episode where indians were massacred by British Govt.
How different is this amalgamation plan where basic right of survival of citizens is not protected by giving absurd amalgamation plan where depositor’s money is locked with zero interest or nominal interest for ten years.
We expect organisations such as Sahakar Bharti should come forward and get justice to stakeholders of co-operative banks ingeneral & PMC bank in particular.