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April 11, 2001
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Money > Business Headlines > Report April 11, 2001 |
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Classic financials are strong: AdministratorBS Regional Bureau Classic Cooperative Bank administrator Amrut B Patel has claimed the financials of the bank were quite sound and expected to put the bank on its normal growth trajectory within the next six months. Patel said except for the much-publicised K L Chokshi episode and the wrong debit of around Rs 120 million made in the current account of another bullion trader Arvind D Chokshi, everything appeared quite fine with CCB. In the latter's case it is a dispute in regard to a wrong debit entry made by the bank in the current account of Arvind D Chokshi, he said. There is no cash misappropriation or siphoning of funds, he added. Maintaining that the immediate issue before the bank was to arrange for a clearing agent, the administrator said Visnagar Cooperative Bank has been requested to continue as the agent for a few more days. Then efforts would be initiated to rope in the Ahmedabad District Cooperative Bank as the agent, he added. "As the ADCB chairman Amit Shah is in New Delhi for a meeting with Union Finance Minister Yashwant Sinha in connection with the Madhavpura Bank revival issue, my plan to get ADCB as the new clearing agency for CCB had to be put on hold," he said. Admitting that the daily turnover of the bank has slumped from around Rs 500 million before the bullion scam came to light to around Rs 6 million now, he felt that it would take six months to put everything back on the track. Patel said CCB would very soon approach the Board of Nominees, and file a case for recovering the Rs 62 million that the bullion firm K L Chokshi owes to it. Talking about the financials of the bank, he said that while the share capital was only Rs 12 million, the reserves were to the tune of Rs 30 million. The net profit for 2000-01 was around Rs 43 million. The assets of the bank was around Rs 310 million including advances of Rs 220 million, whereas the liabilities stood at Rs 180 million, he added. Powered by ALSO READ:
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