Mangaluru: The century-old Mangalore Catholic Co-operative Bank (MCC), established in the year 1912, will go in for a mid-term election of its Board of Directors on July 19, after five of the thirteen directors voluntarily resigned from their posts in March this year.
The team led by Francis Cutinha had secured a clear majority by winning eight seats, while the team led by erstwhile chairman Melwyn D’Cunha received only five seats in September 2013.
In less than two years after elections, the five elected directors tendered their resignations, citing the ‘dictatorial attitude’ of sitting Chairman Francis Cutinha. This is the first time in the recent past, that the MCC has gone in for a mid term election, which is expected to cost the bank at least Rs 5 lakh.
Earlier this March, NewsKarnataka had exclusively broke the story of the resignation of the five directors, minutes after they put in their papers. The Bank has been criticized by the shareholders for struggling to make profits even after the completion of the hundredth year of its existence.
Two teams
As of now, a team led by Anil Lobo, Fermai and another team of five candidates supported by sitting chairman of MCC Francis Cutinha are vying for the posts on offer on July 19.
Although Francis Cutinha enjoys majority support to continue as the chairman of Mangalore Catholic Co-operative (MCC) Bank, it’s however learnt that Lobo enjoys good relationship with the board of directors. If Anil Lobo manages to secure five seats in the upcoming election, he is eyeing the top post of MCC.
Presently, there are over 35,000 shareholders in the MCC Bank. However only 3,000 to 4,000 shareholders are likely to caste vote. Basically, only 15% of the shareholders will decide the outcome of the result, an informal study revealed.
Candidates
The election is likely to see a close battle between both teams of candidates. One team is led by Anil Lobo, an entrepreneur and community leader. He is the president of Catholic Sabha, Mangalore city and secretary of Rachana, a group of catholic entrepreneurs. His team of candidates includes, Kishor Gladson D’Silva, Derebail, an experienced lawyer and teacher, Marcel Mathew D’Souza, aka Machcha Milar, a retired Manager of State Bank of India and founder secretary of All Banks Christian Employees Association, Mangalore. Raymond Monteiro, Puttur, also a retired Bank officer of State Bank of Mysuru, where he served for 38 years. Sevreen Lobo, Kirem, a former director of Karnataka Milk Federation, who is contesting in the category reserved for women.
The team led by sitting chairman Francis Cutinha includes: Vincent Goveas, Vice President of the Bendur Parish Council, who has served Mangalore Chemicals and Fertilizers for 38 years, Peter Anthony Pinto a financial entrepreneur, Lilly Sabina D’Souza, Kulshekar, an LIC representative. Goerge Jerald Fernandes, Moodbelle, a busniessman and president of Minority Cell of BJP, and Ninet Tellis, an MSW graduate from Roshni Nilaya College.
The results of interim election, which will be held on July 19 at St Aloysius College Hall, will be out on the same day.