IUCB high Power Committee appeals State Govt
Source: The Sangai Express
Imphal, March 01 2019:
Imphal Urban Co-operative Bank (IUCB) High Power Committee has appealed to the State Government to intervene and ensure the presence of a Board of Directors for the IUCB Limited at the earliest.
IUCB Limited has been functioning without a Board of Director for the past four years.
Speaking to media persons at Koyathong today, the president of the High Power Committee, Konsam Saratkumar said that even if the shareholders express desire for the presence of an elected Board, the IUCB Limited has been operating by appointing Administrators from time to time.
Pointing out that the institution has suffered in its functioning due to the absence of a competent Board, Saratkumar maintained that if the condition of the bank becomes worse, RBI might even cancel its license.
As such, he appealed to the State Government to intervene and do the needful at the earliest.