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Madras High Court notice to Centre on plea to nominate directors to Repco Bank
Chennai, 2019 Jan 26 The Madras High Court has issued notice to the Centre on a plea seeking to nominate directors to the Repco Bank according to the provisions of the Multi-State Co-operative Societies Act.
Justice Pushpa Sathyanarayana gave the direction recently while disposing of a writ petition from P Dhanapal, a Sri Lankan repatriate and a member of the Repatriates Co-operative Finance and Development Bank Shareholders’ Welfare Association.
The judge directed the Union Ministry of Agriculture and Farmers’ Welfare and the Central Registrar of Co-operative Societies, New Delhi, to consider within four weeks a representation dated October 10, 2018 from the association to nominate directors to the Repco Bank according to the provisions of the Multi-State Co-operative Societies Act.
According to the petitioner, the bank was formed for the welfare of repatriates from various counties like Myanmar (Burma), Sri Lanka and Vietnam to provide rehabilitation and assistance for their development.
It is spread over four southern states — Tamil Nadu, Andhra Pradesh, Karnataka and Kerala — and the Union territory of Puducherry.
The management of the bank is run by the board of directors.
According to section 48 of the Act, if the equity share capital held by the central or a state government is 51 per cent and above, three persons can be nominated to the board, provided that the number of such nominated persons shall not exceed one-third of the number of the board members.
However, the bank had framed its own bye-laws, wherein Clause 30 provided for 15 directors under various categories.
At present, there are only six nominated directors, including two from the petitioner association.
Hence, the association or the repatriates were unable to participate in the administration, the petitioner submitted.
The association had sent a representation in this connection on October 10 last year. As there was no response, it had moved the high court with the present petition.
Courtesy: PTI
