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August 16, 2001
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Money > Business Headlines > Report August 16, 2001 |
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Administrator appointed for Krushi BankSyed Amin Jafri in Hyderabad The Registrar of Co-operative Societies, Andhra Pradesh, on Thursday, appointed an administrator for managing the affairs of the beleaguered Krushi Co-operative Urban Bank. The RCS, D Srinivasulu, told this correspondent in the evening that the special officer V Nageshwar Rao, a special cadre deputy registrar in the Co-operation Department, has been nominated as person-incharge for administering the Krushi Bank. "He was appointed today and has already taken charge. With his appointment, the bank management has been superceded under the provisions of the AP Co-operative Societies Act," he explained. "The person-in-charge will go into the functioning of the bank and consult the RBI. He will submit a report whether to liquidate the bank or merge it with some other co-operative bank," the RCS pointed out. The action of the RCS is a sequel to the directive of the RBI to the state authorities on Tuesday to supercede the board of directors of Krushi Bank, appoint an administrator and decide on liquidation or merger of the Bank, as well as to disqualify the directors from membership of all other co-operative bodies in the wake of the severe asset-liability mismanagement. Consequently, the RCS had served a show-cause notice on the bank's management on Wednesday asking as to why the board of directors of the bank should not be superseded as per the directive of the RBI. Follow-up action on the notices was taken on Thursday. Meanwhile, the Mahankali police, which registered a case of cheating under sections 406 and 420 of the IPC against the chairman, directors and management of Krushi Bank, has formed three special teams to nab the chairman and directors, who are stated to be absconding. The Assistant Commissioner of Police, Ramgopalpet, G V Ramana Rao, was supervising the work of the special teams which were conducting raids to trace out the missing accused. YOU MAY ALSO WANT TO READ:
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