Share holders of Imphal Urban Co-operative Bank alleges foul play

IT News
Imphal: Imphal Urban Co-operative Bank Share-Holders Development Union (IUCOBSHDU) today alleged foul play by its General Managers and her associate over the utilisation of Rs. 1000 crore by violating the general guidelines of the Reserve Bank of India.  
In a press conference held today at Manipur Press Club, S Rajen Singh, President of the Share Holder body said that G Tharaksana Devi, General Manager of Imphal Urban Co-operative bank has been undertaking inappropriate activities by violating the general guidelines of RBI for more than Rs 1000 crore by investing to beneficiaries in terms of loan in her own interest in connivance with her junior Manager Ng Priyogopal Singh.
Rajen said the Union will left with no choice but to shut down the Imphal urban Co-Operative Bank if both the person involved in the financial misappropriation, are not suspended within seven days. The Union also demanded an immediate enquiry over the foul play of the two persons.
Rajen further said that G Tharaksana Devi, has been using the invested money of more than Rs 1000 crore at her own will without giving any consent to the 22,000 share-holders of the bank.
The public money is also being use and invested beyond the permissible limit provided by the  RBI and the review which should be done every six months is also not done till date, he added.
Mention may be made that the Imphal Urban Co-operative body is supposed to be run under the control of the Board of Directors elected by a democratic election from among the Share Holder.
After some misundertsanding arose between the members of the Board of Directors the election could not be held. Manipur High Court has however directed to appoint an IAS officer to look into the functioning of the bank on July 27, 2017. However, the said IAS officer has not been consulted by the General manager for reason best known to her.
It has been two years that the Board of Directors has not been elected.
This is due to the interference by the Managing Director G Tharaksana Devi as the presence of Board of Directors would not allow her to function at her will.
The Share Holder body also alleged G Tharaksana Devi for misusing her power to the appointment and promotion of some staffs of the bank.
The Union said if G Tharaksana Devi and her associate has not been suspended and requisite all the misused fund from her then the Share holder body will lanch agitation as well as will move every possible way to shut down the bank.