(MOREPIC1)Face2News/Chandigarh:
Kamal Kant Sharma, former Chairman and current Director of the Chandigarh State Co-operative Bank, has been terminated from his position on the Board of Directors.
The Bank's Managing Director, Anuradha S. Chagti, informed the Registrar of Co-operative Societies, Chandigarh, through an official letter that three Board meetings were held this year, and all directors, including Kamal Kant Sharma, were duly informed about them. However, he remained absent from all three consecutive meetings without providing any reason.
Following this, the Registrar issued orders for his removal from the Board. As per the institution's bylaws, such action is warranted if a director remains absent from three consecutive meetings without justification. Bank Chairman Satinder Pal Singh Sidhu stated that this is the first time in the history of the bank that a former Chairman and sitting Director has been removed from the Board.