Companies & Sectors
Bombay Mercantile Bank gets new Chairman and MD
By appointing Adv Hasankhan S Pathan as Chairman and M Iqbal Khan Sirguroh as MD, the Cooperative Bank is trying to rebuild its reputation and restoring morale of employees
 
After a long delay in acting on complaints against the bank, the Reserve Bank of India (RBI) has been slowly tightening the screws on the previous management of the Bombay Mercantile Cooperative Bank (BMCB). In early January, five of the bank’s directors, including the then Managing director Dr M Shah Alam Khan were disqualified from the board by the RBI and the Central Registrar of Cooperatives. Last November, the RBI had stopped the bank from sanctioning further loans following a detailed inspection. 
 
In a big development, the Bank has initiated a complete change in management, which has the tough job of turning it around, rebuilding its reputation and also restoring the morale of its employees.  The new appointees include Adv Hasankhan S Pathan as Chairman, Aziz Ahmed Jalil Ahmed as Vice Chairman and M Iqbal Khan Sirguroh as Managing Director (MD). 
 
Hasankhan Pathan, an advocate, and director of BMCB was elected unopposed as Chairman and says he is keen on restoring it back to good health. 
 
He has been a corporator with the Ahmedabad Municipal Corporation from 1995 till date. He has also been a senate member of Gujarat University for over 10 years and has been the Chairman of Town Planning Committee of the Ahmedabad Municipal Corporation for about three years.
 
Aziz Ahmed Jalil Ahmed, the new Vice Chairman of BMCB runs an NGO called Manav Vikas Manch since past eight years, which provides free medical aid to the needy. He also heads a taxi union called Taxi Challak Mallak Sena. He has been on the Bank’s board since January 2015 before being elected the Vice Chairman.
 
M Iqbal Khan Sirguroh, who took over as Managing Director on 11 January 2016, has had three-decade long association with BMCB in various roles and functions.  He was also the Principal of the bank’s training college, the Shaikh Mohamedally Allabux Urban Banking Development Institute. A hard core nationalist, Mr Khan says that he plans to engage with every level of the bank to ensure that each individual contributes to restoring it to good health. Effectively, the buck stops at Mr Khan and he is determined to take up the challenge.

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COMMENTS

RIZWAN SIDDIQUI

5 months ago

I ALSO KNOW ABOUT BMC BANK.

Rais Alam Rais

10 months ago

Dear editor
In your news regarding bombay mercantile co operative bank ltd that Reseve bank of India tiggten the screw of management un early January five director disqualify from board of directors including MD.
It is not true
Reserve bank of India and central registrar of CO OPERATIVE new delhi orderd to the BOARD of directors to disqualify the then chairman Dr M rehman as share holder,director,chairman ship from the bank
Four directors till date not remove from the bank by the board of directors.
Four directors zeeshan mehndi,arshad khan, sallahuddin ,and one more directors are still in board Reserve bank of India and central registrar of CO OPERATIVE society,delhi also order to bank disqualify the four more directors from the bank

S.S.A.Zaidi

11 months ago

It was during my very brief stint with BMC BANK from 1979 TO 1981 that I came into contact with Iqbal khan. I have known him as a very down to earth and sincere person.I am sure if he has honest and professional advisers he will certainly be able to achieve what he has so confidently asserted to achieve
I will be very very happy and professionally satisfied if the bank regains its past glory under his steward ship
If Money Life can provide me his contact number I will be grateful
S.S.A.Zaidi

REPLY

Zakir Hussein Inamdar

In Reply to S.S.A.Zaidi 11 months ago

I am happy that you are still concerned about the bank,I do agree with your comments, let us pray it regain the lost glory.
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India tops in sending scientists and engineers to the US: Report
Washington : Among Asian countries, India continues its trend of being the top country of birth for immigrant scientists and engineers to the US, says a latest report, adding that with 950,000 out of Asia's total 2.96 million, India's 2013 figure represented an 85 percent increase from 2003.
 
Overall, the number of immigrant scientists and engineers in the US has risen to 18 percent from an earlier 16 percent and 57 percent of those were born in Asia.
 
From 2003 to 2013, the number of scientists and engineers residing in the US rose from 21.6 million to 29 million.
 
This 10-year increase included significant growth in the number of immigrant scientists and engineers, from 3.4 million to 5.2 million, said the report from the National Science Foundation's National Centre for Science and Engineering Statistics (NCSES).
 
In 2013, 63 percent of US immigrant scientists and engineers were naturalised citizens, while 22 percent were permanent residents and 15 percent were temporary visa holders.
 
"Also since 2003, the number of scientists and engineers from the Philippines increased 53 percent and the number from China, including Hong Kong and Macau, increased 34 percent," the report added.
 
The NCSES report found that immigrant scientists and engineers were more likely to have earned post-baccalaureate degrees than their US-born counterparts.
 
In 2013, 32 percent of immigrant scientists reported their highest degree was a master's (compared to 29 percent of US-born counterparts) and 9 percent reported it was a doctorate (compared to 4 percent of US-born counterparts).
 
"The most common fields of study for immigrant scientist and engineers in 2013 were engineering, computer and mathematical sciences and social and related sciences," the findings showed.
 
Over 80 percent of immigrant scientists and engineers were employed in 2013, the same percentage as their US-born counterparts.
 
Among the immigrants in the science and engineering workforce, the largest share (18 percent) worked in computer and mathematical sciences, while the second-largest share (eight percent) worked in engineering.
 
Three occupations -- life scientist, computer and mathematics scientist and social and related scientist -- saw substantial immigrant employment growth from 2003 to 2013, the report said.
 
The National Science Foundation (NSF) is an independent federal agency that supports fundamental research and education across all fields of science and engineering.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nepal's deposed king has not paid electricity dues for 10 years
Kathmandu : Nepal's last monarch Gyanendra Shah has not paid his electricity dues for the last 10 years, the state-owned Nepal Electricity Authority said on Wednesday.
 
Gyanendra, after vacating the Narayan Hiti Royal Palace here in 2008, has been living in Nagarjuna Palace, a royal property on the northern outskirts of the Kathmandu Valley. 
 
He has not been paying the electricity dues for the Nagarjuna Palace which he has been occupying since he left the Narayan Hiti royal palace, a Nepal Electricity Authority (NEA) official said.
 
NEA assistant director Mukunda Man Chitrakar, who looks after auditing at the NEA, told media persons here that the staff at Nagarjuna Palace have repeatedly refused to acknowledge any letter sent by NEA raising the isue of unpaid power dues. 
 
The NEA, he said, has run up a loss of Rs.7 million in the last 10 years.
 
After the staff refused to receive NEA's letters, the electricity authority knocked the doors of Nirmal Niwas, another palace in Kathmandu in which Gyanendra used to live as former royal highness until the infamous royal massacre in Nepal in 2001. 
 
Sagar Raj Timilsina, Gyanendra's personal secretary, reportedly told the NEA officials that the liability comes under the Prime Minister's Office not the Nagarjuna Palace.
 
Until 2008, the PMO used to pay all the bills and tariffs incurred to the palaces belonging to the royals.
 
According to the Electricity Act, if a consumer fails to pay electricity bills for two months, his/her power connection will be cut and if any consumer continuously fails to pay bills for another six month, a ban will be placed on sale of his/her private properties like land and house for the next three generations.
 
Asked why had the NEA failed to cut the connection to the Nagarjuna Palace or impose a ban on selling of property as per the electricity act, Chitrakar said that since Gyanendra was a respected national and former head of the state, they did not initiate action against him.
 
"Instead of taking action against him, we decided to collect the tariff, if possible," he added.
 
The staff at Nagarjuna Palace told the NEA officials that all properties of the formal royals had been nationalised since 2008 after Gyanendra vacated the Narayan Hiti palace. 
 
"So, it is the duty of the government to pay the bills," the Nagarjuna Palace staff were reported to have told NEA officials.
 
Nepal has started to nationalise the properties of former royals after the Himalayan nation declared itself a republican state in 2008.
 
A dedicated Office of the Nepal Trust is handling the properties of the former royals, including Gyanendra, and bringing them under its ambit.
 
The Office of the Trust responded to a letter sent by the NEA that Nagarjuna Palace is being used by Gyanendra for his private purpose and is not owned by the government. 
 
This has paved the way for NEA to knock the door of the Prime Minister's Office (PMO).
 
"We are writing to PMO soon in this respect," Chitrakar said. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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