In a significant move, the latest amendment to the bylaws of NAFCUB was passed during the 48th Annual General Meeting (AGM), held at the NCUI headquarters on Saturday. The General Body approved a resolution to divest the NCUI nominee of voting rights on the NAFCUB Board.
Explaining the development, H.K. Patil, Chairman Emeritus of NAFCUB, stated that while the NCUI nominee can participate in discussions and offer suggestions, they will not have voting rights. Similarly, the government nominee will also be stripped of voting rights, Patil added.
Reflecting on the historical background, Patil mentioned that it was a customary practice in the past for both NCUI and NAFCUB to have a nominee on each other’s boards. However, during the last cycle, NCUI digressed and did not accommodate the NAFCUB nominee on its board, he noted.
“Although we have not denied NCUI a seat on the NAFCUB Board as they did with us, we have restricted their rights. They can engage in discussions and provide inputs, but they will not have voting rights,” Patil clarified during the AGM.
The NAFCUB AGM, held last week, saw a large turnout with delegates from across the states attending the event. They expressed unanimous agreement with Patil’s explanation and passed the resolution in unison.