Maoist Communist Party, Manipur today appealed to the employees association and Board of Directors to end up the spat between the two sides within one week to make the Imphal Urban Co-operative Bank (IUCB) a living one.
The press statement signed by comrade Nonglen Meitei, Secretary Publicity and Propaganda of Maoist Communist Party also said that no one can own IUCB, which is the only resource of proletariats and industries of the state. It added that the real owners of the IUCB are the 23,000 share holders of the bank.
The statement further stated that IUCB is run by 9 Board of Directors (BOD) who are elected by 531 delegates of the 23,000 shareholders. In another way the administration of the 9 branches of the bank is administered under a general manager. In short employees of the bank and the Board of Directors are the two faces of a same coin. However, frequent conflict between the employees and Board of Directors causes disadvantage to the share holders. This should be stopped immediately.