Though Mukund Abhyanakar promised to react in detail to the Ministry’s order after talking to his Advocate, it was obvious from the tone and tenor of his speech that he has conceded defeat.
Putting everything to his Advocate he said “I acted on the advice of Advocate Mr Ninad Laud”.
Explaining further Abhyankar said his advocate told him that the Arbitrator’s Award becomes implementable after the passage of 90 days. Since the Award was passed on 29th September 2016 I took office only on January thereby allowing more than 90 days to pass, he said.
It was obvious Abhyankar was embarrassed as the ruling of the High Court in the matter is unmistakable. The ruling says that he has to acquire a decree from a civil court before assuming office.
Readers would recall Mukund Abhyankar, Group Chairman of Pune headquartered Cosmos Bank staked his claim as President of the apex national body of urban cooperative banks and credit co-ops on Monday at Narayana in Delhi.
Not only had he decided to hold the board meeting on 24th January but also wanted to keep Jyotindra Mehta as the Chairman of the Organizing Committee formed to oversee the preparations of national conference slated next month.
Cooperators in the know of things say the two factions committed silly mistakes; first Mehta and the team did not bring the matter of no-confidence on agenda even when they had majority in the board and Abhyankar did not seek a decree even when he had Arbitrator’s Award in his favour.