Chandigarh State Cooperative Bank: Absent for 3 consecutive board meetings, director terminated

The bank’s managing director, Anuradha S Chagti, formally informed the registrar of Co-operative Societies, Chandigarh, via an official letter that three board meetings were convened this year, and all directors, including Sharma, were duly notified

Kamal Kant Sharma, former chairman and current director of the Chandigarh State Cooperative Bank, has been removed from the board of directors after he failed to attend three consecutive board meetings without providing any explanation.

The decision is being seen as a message to uphold accountability and discipline in the functioning of the cooperative banking system in Chandigarh. (HT photo for representation)

The bank’s managing director, Anuradha S Chagti, formally informed the registrar of Co-operative Societies, Chandigarh, via an official letter that three board meetings were convened this year, and all directors, including Sharma, were duly notified. Despite this, Sharma remained absent from all three meetings without citing any reason.

In response, the registrar issued an official order for his removal from the board, citing a clear violation of the bank’s bylaws. According to the rules governing the institution, any director who misses three consecutive meetings without a valid reason is liable to be removed from the board.

Bank chairman Satinder Pal Singh Sidhu confirmed the development, noting, “This is the first time in the bank’s history that a former chairman and sitting director has been removed from the board for dereliction of duty.”

The decision is being seen as a message to uphold accountability and discipline in the functioning of the cooperative banking system in the union territory.