Baghat Coop bank’s working under scanner

Solan, September 17

The manner in which the managing director, an AGM and a senior manager of Baghat Urban Cooperative Bank Limited here were suspended and later the order was revoked within five days has brought its working under scanner.

Irregularities and misconduct were cited by a nominated committee after scrutinising the records of the officials, and chargesheets were served on them. Their replies were not found satisfactory.

They were placed under suspension on September 10. An administrator, who is looking after the bank now, however, revoked their suspension on September 14. He termed the suspension orders as illegal and stated that the chairman of the nominated committee was removed on September 10.

The administrator also quoted an order received by the Deputy Registrar, Cooperative Societies, HP, dated September 14, to revoke the suspension. A resolution was passed in a meeting held under the chairmanship of the administrator on September 15 to revoke the suspension of the three officials.

The Tribune assessed the two orders. Officials said the bank has a list of defaulters, declared as non-performing assets, which had severely hit the financial condition of the bank. The bank has now announced elections to its board of directors on November 14, they said.—TNS