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Mehsana Urban Co-op Bank in news; Central Registrar orders Arbitration
Chairman & some Directors are alleged to have misappropriated funds
Amidst news of irregularities in one of the leading UCBs of Gujarat, Mehsana Urban Cooperative Bank, the Central Registrar of Cooperative Societies Vivek Aggarwal has appointed Vipal Ganda, Advocate as an Arbitrator to resolve the issues.
Arbitrator Vipal Ganda has been asked to submit his report to the office of the Central Registrar within 90 days. The cases, among others, relate to misappropriation of funds by the Chairman and some of the Directors of Mehsana Urban Cooperative Bank.
A slew of complaints was filed by a few shareholders led by one Kiritbhai Patel against the Bank citing hanky-panky deals and cases of irregularities. The complaints name UCB’s current Chairman Ganpatbhai Patel, CEO Vinod M Patel and some other directors for their involvement in misappropriation of funds. ....

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