The MSCB was dissolved early this month by the Reserve
Bank of India because of accumulated bad debts.
The complaint was filed yesterday in the court of
Judicial Magistrate First Class (JMFC), by Balkrishna Ghadge,
Managing Director of Gerandeshwar sugar factory located in
Chimangaon in Koregaon tehsil of Satara district.
The case would come up for hearing on May 27 before
JMFC K G Paldewar, who might consider issuing notices to the
respondents, the complainant's lawyer, Raje Bhosale, said.
Among the bank directors who have been named as
accused are Chairman Manikrao Patil, Director Ajit Pawar and
Managing Director D M Mohol.
According to the complaint, the factory was auctioned
after its liquidation by the bank in 2010. Ghadge alleged that
in the auction, the MSCB directors decided to sell the factory
to Mumbai-based "Guru Commodity" for Rs 65 crore, although the
value of the property was rated much higher.
Ghadge alleged that in violation of conditions, the
payment was delayed and not deposited with the bank within the
stipulated period. Thereafter, the bank executed a fresh sale
deed for Rs 18 crore this month before Registrar of Companies
The complaint said Directors of the Bank were part of
the fraud committed on the sugar factory in the sale and that
they had allegedly committed cheating and forgery.
Pawar was not immediately available for comment.
Satara (Maharashtra): The Managing Director of a
sugar factory here has filed a criminal case in a local court
against 48 directors of the just dissolved Maharashtra State
Cooperative Bank (MSCB), including Deputy Chief Minister of
Maharashtra Ajit Pawar, alleging forgery and cheating in the
sale of the factory by the bank.
First Published: Tuesday, May 24, 2011, 21:58