what happened in global trust bank
FROM THE REPORT ISSUED BY
ALL INDIA BANK EMPLOYEES’ ASSOCIATION, CHENNAI
AIBEA’S DEMAND FOR PARLIAMENTARY PROBE INTO THE AFFAIRS OF
GTB CLOSURE WITH OBC.
Everyone is aware that because of the misdeeds of the top management of the Global Trust Bank (GTB) and the total inaction on the part of the RBI, the GTB had to be suddenly closed down and put on moratorium on 24th July 2004. Surprisingly within 48 hours, the Govt. took a decision to merge the GTB with the public sector Oriental Bank of Commerce. While the intentions of the Govt. to protect the interest of the GTB customers are welcome, there are many questions which are yet to be answered properly. Hence, AIBEA has been demanding a thorough Parliamentary probe into the whole affair that led to the closure of the GTB and the inaction of the RBI in taking timely decisions. In our recent 25th conference the matter was discussed in detail and the conference adopted a resolution emphasizing our demand for ordering a Parliamentary probe in the matter.
Com.Gurudas Dasgupta, Secretary of AITUC and Member of Parliament from the Communist Part of India had moved a Call Attention Motion in the winter session of the Parliament on this issue. When the issue came up before the Parliament, CPI MPs, Com. Gurudas Dasgupta, Com.C.K.Chandrappan and Com. Ajoy Chakraborty spoke in the Parliament.
In reply, the Finance Minister announced in the Parliament that criminal action will be taken against persons responsible for the collapse of the GTB. Accordingly, Mr.Sudhakar Gande, Managing Director of the erstwhile GTB has been placed under suspension by the management of OBC. Two other senior officials of the GTB, Mr.Laxminarayana, President and Mr.Mohd. Shafi, Senior Vice President have also been similarly suspended.
Further, the Oriental Bank of Commerce has filed criminal complaints with the CBI against five borrowers of GTB for misappropriating over Rs.192 crores. These 6 borrowers are:
1. Petro Energy Products Co.(PEPCO)
2. United Software
3. Shonk Technologies International (STIL)
4. Ashok Advani
5. Pearl Distilleries
This is a direct result of our campaing and the efforts taken by Com.Gurudas Dasgupta and other CPI MPs in taking up the matter in the Parliament.
However, the Finance Minister has said that there is no need to have a Parliamentary Probe into the issue and obviously the serious lapses on the part of the RBI officials are sought to be shielded.
In the light of the Govt’s hesitation to take action on the RBI officials who where deliberately sleeping over the matter despite full knowledge about the serious irregularities in the GTB, our campaign and demand for ordering a through probe shall continue.
AIBEA’s view points for our demanding a Parliamentary probe into this serious issue is given here.
ALL INDIA BANK EMPLOYEES’ ASSOCIATION, CHENNAI
AIBEA’S DEMAND FOR PARLIAMENTARY PROBE INTO THE AFFAIRS OF
GTB CLOSURE WITH OBC.
Everyone is aware that because of the misdeeds of the top management of the Global Trust Bank (GTB) and the total inaction on the part of the RBI, the GTB had to be suddenly closed down and put on moratorium on 24th July 2004. Surprisingly within 48 hours, the Govt. took a decision to merge the GTB with the public sector Oriental Bank of Commerce. While the intentions of the Govt. to protect the interest of the GTB customers are welcome, there are many questions which are yet to be answered properly. Hence, AIBEA has been demanding a thorough Parliamentary probe into the whole affair that led to the closure of the GTB and the inaction of the RBI in taking timely decisions. In our recent 25th conference the matter was discussed in detail and the conference adopted a resolution emphasizing our demand for ordering a Parliamentary probe in the matter.
Com.Gurudas Dasgupta, Secretary of AITUC and Member of Parliament from the Communist Part of India had moved a Call Attention Motion in the winter session of the Parliament on this issue. When the issue came up before the Parliament, CPI MPs, Com. Gurudas Dasgupta, Com.C.K.Chandrappan and Com. Ajoy Chakraborty spoke in the Parliament.
In reply, the Finance Minister announced in the Parliament that criminal action will be taken against persons responsible for the collapse of the GTB. Accordingly, Mr.Sudhakar Gande, Managing Director of the erstwhile GTB has been placed under suspension by the management of OBC. Two other senior officials of the GTB, Mr.Laxminarayana, President and Mr.Mohd. Shafi, Senior Vice President have also been similarly suspended.
Further, the Oriental Bank of Commerce has filed criminal complaints with the CBI against five borrowers of GTB for misappropriating over Rs.192 crores. These 6 borrowers are:
1. Petro Energy Products Co.(PEPCO)
2. United Software
3. Shonk Technologies International (STIL)
4. Ashok Advani
5. Pearl Distilleries
This is a direct result of our campaing and the efforts taken by Com.Gurudas Dasgupta and other CPI MPs in taking up the matter in the Parliament.
However, the Finance Minister has said that there is no need to have a Parliamentary Probe into the issue and obviously the serious lapses on the part of the RBI officials are sought to be shielded.
In the light of the Govt’s hesitation to take action on the RBI officials who where deliberately sleeping over the matter despite full knowledge about the serious irregularities in the GTB, our campaign and demand for ordering a through probe shall continue.
AIBEA’s view points for our demanding a Parliamentary probe into this serious issue is given here.
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