Row over MD’s position in cooperative bank
MD holding position illegally, Registrar Cooperative Societies writes to SCB
Muhammad Adnan
Srinagar: The Registrar Cooperative Societies J&K has termed the assumption of charge as managing Director illegal, noting that the move was misconduct and clear violation of decisions of the competent authorities of the Board of Management (BOM).
In an official communication addressed to the Additional Managing Director, J&K State Cooperative Bank Ltd Rajbagh here, the Registrar Cooperative Societies J&K Shafqat Iqbal said the competent authorities of Board of Management (BOM) in its 8th meeting under Agenda No. 81 explicitly decided that no sensitive assignments should be given to Mohammad Lateef Dar in view of his alleged involvement in multi crore scam detected by NABARD and different investigating agencies surfaced in the J&K State Cooperative Bank during the year 2019-20 in the case of River Jhelum non-existent Cooperative Society.
“The Bank is a repository of the depositors and other customers and stakes of the depositors involved who have deposited their hard-earned money with the Bank,” the official communication reads.
Registrar Cooperative Societies has also stated that the order issued on January 27 this year prohibited Dar from issuing any orders without approval of the competent authority.
“Therefore orders issued by him should be declared as null and void ab-initio,” the document reads.
The registrar Cooperative Societies has asked the additional managing director to refer the matter of criminal act by the said person to the concerned police station by lodging the necessary FIR under intimation to his office.
“Ensure smooth routine functioning of the Bank in accordance with the J&K Cooperative Societies Act, Rules and Bylaws of the Institution till the Board of Management (BOM) is constituted by the Government,” the document reads.
The document reads that the constitution of BOM was under process with the government, the Additional Managing Director of the Bank was duty bound to safeguard the interests of the Institution.
“You have to ensure that the affairs of the Bank are managed strictly in accordance with the provisions of Act and Byelaws,” the document reads.
The official communication reads that the order issued by the State Cooperative Bank earlier had clarified that Dar shall be allowed to look after NPA recovery and his role shall be supervisory in nature.
“He shall not take any decision or issue any communication or order without prior approval from the competent authority,” reads the document referring to the order.
Shafqat Iqbal has further said that the “illegal, unlawful and unauthorized” functioning of Dar as Managing Director of the Bank tantamount to the violations of the decisions and orders of the BOM of the Bank.
“It is misconduct and a serious criminal offence of trespassing which warrants a strict action against the offender,” the official document reads.
“On noticing such criminal action by the concerned you should have acted swiftly by reporting the matter to the law enforcing agencies as well,” it reads.
KV Correspondent
