The state Congress on Monday declared to initiate legal and political battle against the BJPs alleged move to take over the control of the Ahmedabad District Cooperative Bank (ADCB) in a surreptitious manner.
Partys chief spokesperson Arjun Modhwadia told mediapersons that Minister of State for Home Amit Shah and incumbent ADCB Chairman Ajay Patel wanted to achieve their objectives by introducing changes in election by-laws for the directors post,clandestinely.
The election for the banks new board of directors is scheduled for October 14. The new by-laws,according to Modhwadia,have rendered 98 per cent of the bank members ineligible for contesting the elections. The Congress leader said the banks by-laws were amended hastily at a special General Board Meeting on March 14 without informing the 5,000 members of the bank.
According to the new by-laws,candidates aspiring to contest for the directors post should have a minimum of 2,000 shares in ADCB,the cooperative credit society he/she represents should have a minimum deposit of Rs 30,000 for three years in ADCB,and his/her credit society should have a minimum share of Rs 5 lakh in the bank.
Modhwadia said that Shah and Patel,who have nothing to do with banking or farming,but represent the builders lobby,also created a new category of voters under the self run groups by making changes in the by-laws to facilitate the entry of their supporters.
According to Modhwadia,a total of 743 bogus self run groups eligible to vote for the directors elections had been created.
He said the district registrar for cooperative societies approved the changes in haste,under political pressure,on March 25,with a direction that only those persons will be eligible to contest the election who fulfil the conditions as per the new by-laws,by March 31.
In a way this gave little time to the members interested in filing nominations to complete the formalities,he added.
ADCB is the biggest district cooperative bank in the state with a total deposit of over Rs 2,500 crore and loan advancement of Rs 1,000 crore,including Rs 430 crore to the farm sector.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines