Based on the decision of the High Court, the money will be returned to the account holders of Ajmer Urban Co-operative Bank – Cooperation Minister

Cooperative Minister Mr. Udaylal Anjana assured in the Vidhan Sabha on Monday that action will be taken after the decision of the High Court to return the deposited money to the account holders of Ajmer Urban Co-operative Bank Limited. He told that the department is continuously lobbying in this matter in the court.

Responding to the supplementary questions asked by the members in this regard during the Question Hour, the Cooperation Minister said that due to financial irregularities in The Ajmer Urban Co-operative Bank Limited, Ajmer, the Board of Directors was dissolved and an administrator was appointed on February 26, 2010. He informed that at the time of liquidation, a loan of Rs 16 crore 94 lakh was outstanding from the defaulting borrowers. Out of this Rs 7 crore 64 lakh has been recovered. He informed that cases worth Rs 4 crore are pending in the High Court and loans worth Rs 5 crore were unsecured, which were classified as bad in the 2006 audit. He told that the property has become ruined due to the loan of Rs 42 lakh. He told that the intention of the government is that those who have deposited money in the bank, their money should not sink. He told that due to the adjournment of the High Court, the process of returning the money is not going ahead. He assured that the department is continuously lobbying in the court and action will be taken accordingly after the decision of the court.

Earlier, in a written reply to the original question of MLA Mrs. Anita Bhadel, the Cooperative Minister said that the Board of Directors of The Ajmer Urban Co-operative Bank Limited, Ajmer was dissolved and the administrator was appointed on February 26, 2010. For recovery from delinquent borrowers, recovery action was taken by adopting the procedure under Section 99 and 100 of Rajasthan Cooperative Societies Act 2001 and Rule 94 of Rajasthan Cooperative Societies Rules 2003. He said that while taking action under the Act, Rs 51.61 lakh was recovered from three debtors by auctioning the property. He placed its details on the table of the House.

Mr. Anjana said that three borrowers of Ajmer Urban Co-operative Bank Ltd. have received a stay order on the auction from the Honorable Rajasthan High Court. He informed that the process of getting the stay orders vacated is going on and the matter is under judicial process.

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