HYDERABAD: The Telangana High Court has issued contempt notices to the Board of Directors of the AP Mahesh Cooperative Urban Bank Ltd, directing it to explain why the contempt proceeding shall not be initiated against them for violating the orders issued by it.
Justice P. Naveen Rao was dealing with the contempt petition filed by the AP Mahesh Cooperative Urban Bank Share Holders Association, which complained that the existing managing committee (Board of Directors) of the bank had violated the court orders issued on January 8, 2021, when several petitions filed upon the elections were conducted to the new Board of Directors. The court had ordered the newly-elected Board of Directors that until further orders, the newly-elected directors were supposed to take policy decisions affecting the affairs of the society and the bank, including dealing with the funds of the society except attending to day-to-day needs of the society and the bank and payment of salaries and allowances to the staff.
Apart from that, the court issued directions regarding the complaints made by the several petitioners about the alleged malpractices in conduct of elections including the bogus voters and others.
Now, the shareholders association filed a contempt case stating that the existing Board of Directors violated the orders. Admitting the contempt case, the court issued contempt notices to bank chairman Ramesh Kumar Bung, vice-chairmen Purshottamdas Mandhana, Lakshminarayana Rathi and directors Prem Bajaj, Ram Bhandari, Govind Narayana Rathi, Gopal Aswa and remaining directors including Mahesh Bank MD and CEO Umesh Chand.
