Bihar Awami Cooperative Bank shareholders have given an application to the state election authority recently seeking a stay on election of the board of directors till they are absolved of allegations levelled by the employees’ union.
The shareholders sought the stay, arguing that the registrar of cooperative societies, Bihar, had issued a showcause notice to the bank for the alleged irregularities.
The union accused the bank management of deducting the employees’ salary on one pretext or another. Its demands included deduction of provident funds and deposition of the amount in a separate account.
The bank has to file its reply by September 12.