Will file criminal and defamation cases against those making baseless allegations against Mahalakshmi Bank – Yashpal Suvarna
Udupi: In a decisive move, Yashpal Suvarna, Chairman of Mahalakshmi Co-operative Bank and Udupi MLA, announced during a press conference held at the bank’s headquarters on Saturday his intention to file criminal and defamation cases against those propagating what he termed as baseless allegations against the institution.
Mahalakshmi Co-operative Bank operates under the framework established by the Reserve Bank of India (RBI), maintaining stringent financial discipline. The bank has publicly expressed its readiness to fully cooperate with any investigations regarding the allegations, which primarily stem from former MLA Raghupathi Bhat, a member of the bank.
Suvarna strongly condemned Bhat’s claims, labeling them as unfounded and unacceptable. “If Mr. Bhat harbored any grievances, he should have addressed them during our general body meetings, where he would have been allowed to voice his concerns,” Suvarna remarked.
To resolve this matter, the bank has issued a formal notice to Bhat, demanding clarification of his statements within the upcoming week. Should he fail to respond adequately, the notice warns of potential consequences including the cancellation of his membership.
Moreover, Suvarna highlighted a pressing financial obligation, directing Bhat to ensure the prompt repayment of his outstanding loan. He emphasized that the disbursements made to borrowers were conducted three and a half years prior, with appropriate transactions involving share purchases and dividend withdrawals. The bank’s leadership considers Bhat’s assertions as deliberate misinformation, aimed at undermining the institution’s reputation.
At the press briefing, the bank’s management, including Professional Director Manjunath S.K., Vice President Vasudeva Salyan, Director Vinaya Karkera, Chief Executive Officer Sharath Kumar Shetty, and Assistant General Manager Sharika Kiran, backed Suvarna’s statements.
Suvarna further questioned Bhat’s integrity, asserting that any court finding of fraudulent behavior on Bhat’s part would necessitate his accountability for the loan taken. The bank, he declared, possesses an audited report from a recognized auditor that directly contradicts Bhat’s claims, reaffirming the institution’s financial integrity.
As this situation develops, Mahalakshmi Co-operative Bank remains steadfast in its commitment to upholding transparency and justice, seeking resolution through legal channels where required.
