Srinagar, Mar 03, KDC: Without explaining anything in a three line long communique and even after almost 10 month long obscuration, Jammu and Kashmir government finally withdrew the nomination of Zubair Iqbal as Managing Director of J&K Bank.
As per News Agency Kashmir Dot Com (KDC), Zubair Iqbal, former HDFC bank senior vice president, whose nomination as Managing Director of Jammu and Kashmir Bank was halted for unknown reasons, has now ceased to be on the bank’s Board of Directors, the bank in a letter has informed National Stock Exchange of India (NSEI).
In a letter to National Stock Exchange of India Ltd, a copy of which lies with KDC reads “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure requirements) Registrations, 2015, we wish to inform that Mr. Zubair Iqbal,, Govt. Nominee Director (DIN: 08742685) has ceased to be the Director of the Bank consequent upon withdrawal of his nomination by the Government of Jammu and Kashmir,” Mohammad Shafi Mir, Company Secretary said in the communication. “This is for your information and appropriate dissemination.”
Meanwhile, Sources told KDC that government is likely to induct Arun Gandhotra as new Managing Director of J&K Bank.
Pertinently, RBI had kept the Iqbal’s nomination as MD JK Bank unapproved by since last 10 months. However, he continued to be the director of the JK bank, a position which now stands officially withdrawn.
The Iqbal’s unexplained withdrew as J&K Bank Director has came almost three weeks ahead of the superannuation of the incumbent chairman, R K Chibber, whose latest the sixth extension is concluding on April 10, 2021.
Chibber was appointed as Chairman and MD of the bank on a time gap basis in June 2019 after Parvez Ahmad Nengroo, who was ousted from the position and booked under “corruption” cases by ACB.
In May 2018, following the directions of the Reserve Bank of India to separate the positions of Chairman and Managing Director for better governance, Zubair was appointed as MD, while incumbent Chairman and Managing Director Chibber was designated as Chairman of the bank for three years.
Post his resignation from HDFC, as Zubair joined the bank as its first Managing Director, he according to sources was told to stop coming to the office ‘for a while’ as RBI ‘will give clearance within a few days’. However, the wait did not end for 10 months and today the government withdrew his nomination officially. (KDC)