Source: Hueiyen News Service
Imphal, November 25 2009:
The Administrator and General Manger of Imphal United Cooperative Bank (IUCB) have been alleged of mis-conducting the affairs of the bank.
Speaking to reporters today at the Manipur Press Club hall here, general secretary of IUCB Share Holders' Development Organisation, Th Dilipkumar pointed out that V Thangzasiam has been appointed as the administrator of the bank on July 13, 2006 following the expiry of the term of the Board of Directors.
He said, the Board of Directors is to be elected six months after the appointment of the administrator as a rule.
However, the present administrator did not make any initiative for the election of Board of Directors of the bank till now.
Dilipkumar alleged that the instruction, relating to the holding of the election, given to the administrator by the registrar has been deferred time and again.
He said that this unwanted development is unfavourable for all concerned, especially for aaround 19,703 share holders of the bank.
He observed that 97% of the share holders are denied of getting their due benefits.
Therefore, it is necessary to reinstate a popular board after electing capable directors.
Dilipkumar further alleged the General Manager of the bank, Y Ningthoujam and V Thangzasiam of carrying out pretentious works in the bank.
Alleging them of not carrying out important works, Dilipkumar said, the two officials have initiated various works including the recruitment of bank staff and opening of more branches in collusion with some politicians.
The two officials have withdrawn some amounts after first withdrawal which is said to be sufficient for the renovation of the administrative building of the bank.
The share holders will put close observation on the matter.
Demanding the administrator to arrange for election at the earliest time, Dilipkumar said, the share holders will initiate legal action in case he fails to do the same at the earliest time.