IMPHAL, June 27: Management of Imphal Urban Co-Operative Bank has clarified that the charges alleged to the directors of the financial institution in the media recently by two shareholders is baseless and absurd.
Briefing media in the regard at the Bank’s premises at MG avenue today, Board President Th Dilipkumar Singh stated that the allegations made by one Thingbaijam Bimol and Phurailatpam Dayananda Sharma who had lost the election for inclusion in the board of directors have no right to form a separate body within the co-operation. “They cannot form a body, it is not recognized and against the constitution, further their claims are baseless, a legal suit may be filed against the duo for false implications”, Dilipkumar said.
He added that the Bank management did not want to indulge in clarifying against the two shareholders, but felt that the accountability of the bank had to be highlighted in the interest of the other shareholders.
The president stated that there was no favoritism in selection of some contract employees absorbed recently, the selection was conducted on merit basis and monitored by a sub- committee.
“As far as the allegations of the Bank deteriorating goes, we had 276 crores in deposits last year, this year we have 306 crores”, he pointed out on a printed copy showing the finAllegations against IUCB baselessancial trend of the bank for the last 6 years.
The general manager of the bank, P Khogen also added that the Directors cannot just dole out loans to their relatives or near ones. The selection of beneficiaries is conducted by a sub- committee and the financial audit is carried out by an RBI auditor along with chartered accountants etc.
He added that the two shareholders instead of falsely projecting the status of the bank should come to the scheduled meetings if they have any complaints.