KSCARDB placed under administrator

The Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) has been placed under an administrator, the Cooperation Department said on Thursday.

The decision follows a no-confidence motion passed by the bank's general body which has been upheld by the High Court, the department said.

Additional Registrar of Cooperative Societies (Consumer) Jyothiprasad R. has taken charge as the administrator.

The motion

The KSCARDB, which serves as the apex bank for the primary cooperative agricultural and rural development banks, has representatives of 76 cooperatives in its general body. The no-confidence motion was supported by 39 members while 36 opposed it at the general body meeting held on January 6.

Although the State government then decided to appoint an administrator to avoid ''administrative paralysis'' in the bank, two governing council members had approached the court raising objections about the meeting.

The High Court, however, rejected their writ petition and upheld the decision of the general body, the Cooperation Department said. Mr. Jyothiprasad took charge on Thursday evening.

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Printable version | May 19, 2022 2:28:57 am |