[Resolved]  Reserve Bank Of India (RBI) — Superseding of Board of Grain Merchant’s Co-Operative Bank, Bangalore.

Address:

Bangalore, Karnataka

To:- Governor Reserve Bank of India Mumbai India. Ref: RBI Case no. SLP 30412 /2010 at Supreme Court of India. Sub: Superseding of Board of Grain Merchant’s Co-Operative Bank, Bangalore. Dear Sir, We are the depositors and members of The Grain Merchant’s Co-Operative Bank, Chamarajpet bank. We hereby bring to your notice that the board of Grain Merchant’s Co-Operative Bank has been superseded in the year 2008 by Reserve Bank of India on account of financial misappropriation, misuse of funds, and other financial irregularities. But this superseding has been challenged by the Directors of the bank at high Court of Karnataka & later it has been moved to Supreme Court of India. The case has been under the status ‘final disposal’ from past several months .But due to laxity of RBI legal counsel & prolonging tactics of advocates of the directors the same care has been adjourned several times. There are several fundings reported in RBI’s audit reports year on year regarding malpractices in GMC bank. The board of directors of Grain Merchant’s Co-operative Bank has been charged financial misappropriations and the NPA of the Bank has shot up to 37%. Due to this mismanagement the shareholders have been deprived of dividend from the Bank past six years. Also due to delay in the case the same person who have been charged are continuing at of affairs and are contesting again in upcoming election in February 2015. We request you to intervene immediately in this matter to protect the interest of shareholders and depositors of the Bank. We request some kind of collusion of the RBI legal council and directors of The Grain Merchants Bank. We request you to advice your legal team to look in to this and speedup the process. It would be shame of RBI if it cannot get speedy justice to the share holders and depositors as a famous quote says ’ justice delayed is justice denied’ RBI being one of the elite central bank of the world has been appreciated worldwide for its strict and stern action to check financial irregularities in the Country. We hope RBI will not come shorting of its expectation in protecting the interests of the share holders and depositors of the bank We hope you would take appropriate action and for the speedy disposal of the SLP 30412/2010 at the earliest. We kindly request you to reply to this letter . Our Depositors & share holder association president Mr. A.M.Rammurthy also one of the Party in Case no.SLP 30412/2010 as a intervener & we also supported the action taken by RBI . On behalf of Depositors & Share holders of The Grain Merchant’s Co-Operative Bank Secretary GMC Bank Depositors, Shareholders Associates Bangalore Copy 1. President of India 2. Prime Minister of India 3. Chief Secretary, Department of finance, Govt of India 4. G.M Urban Bank Department Mumbai 5. Finance Minister