The Calcutta High Court on Thursday directed the setting up of a committee for revival of a cooperative bank, which had closed down owing to alleged financial irregularities by its management.
A division bench comprising Chief Justice J Bhattacharya and Justice A Banerjee directed that a three-member committee comprising an officer of a nationalised bank, another from the West Bengal government's cooperative department and an advocate submit a report on revival of Ramkrishnapur Cooperative Bank Ltd after three months.
The Howrah-based cooperative bank with around 30,000 depositors had closed down in 2011 and the deposits were not paid back, Rabishankar Chatterjee, counsel for some of the customers, said.
Some of the depositors had moved the high court in 2012, alleging financial irregularities by the bank's management, and sought reopening of the bank and repayment of funds, Chatterjee said.
The court on Thursday directed that the committee would look into the alleged scam and will recommend investigation, if any wrongdoing is found prima facie, by a police officer not below the rank of DSP.