The High Court of Karnataka on Tuesday directed the State government to submit details of cases booked against persons concerned in connection with the financial mismanagement that pushed Amanath Co-operative Bank (ACB) into a crisis.
A Division Bench comprising Chief Justice D.H. Waghela and Justice Budihal R.B. issued the direction, while hearing appeals against a single-judge Bench order to merge the ACB with Canara Bank as approved by the RBI.
The appeals were filed by the former Union Minister C.K. Jaffer Sharief and others seeking a CBI probe into the ACB’s affairs and complaining that their plea in this regard was not considered by a single Bench.
During the hearing, Mr. Sharief’s counsel said his client and other well-wishers of the ACB were prepared to mobilise around Rs. 67 crore required for operating the ACB.
However, counsel of the depositors and management of ACB claimed that funds of Rs. 237 crore to Rs. 430 crore were needed to rejuvenate the ACB. However, counsel for Mr. Sharief said they were prepared to mobilise Rs. 250 crore.
To this, a counsel for the depositors said that some complaints were pending before magistrate courts in the city. The Bench adjourned further hearing till October 30.