The Hindu : Release of bank's ex-directors sought

Online edition of India's National Newspaper
Monday, Mar 31, 2003

Southern States

Southern States - Andhra Pradesh-Hyderabad

Release of bank's ex-directors sought

By Our Staff Reporter

HYDERABAD March 30. Pleading on behalf of the former directors of the Vysya Bank, the A.P. Arya Vysya Mahasabha has sought their release from jail and sufficient time for them to clear their outstanding loans to the bank.

``We understand the agony suffered by the depositors of the bank but we are distressed at the State Government for applying different yardsticks against the Vasavi Bank's directors,'' said M. Papa Rao, President, P. Srinivasula Shetty, President-elect, Poornachandra Rao, executive committee member and others at a press conference here on Sunday.

Claiming that they hold no brief for the wrongdoings committed by the Vasavi Bank's ex-directors, Mr. Papa Rao felt that the State Government for some unexplained reason had adopted a vengeful attitude towards the accused.

``Where was the need to arrest them when they had already submitted an affidavit promising to pay back their dues in a specific period of time? Did they adopt the same attitude in the case of the Krushi Bank and Charminar bank,'' he sought to know.

``We do not want the cases to be withdrawn against the former directors but the Government can take an undertaking from them about re-payment of loans and release them,'' he said. However, the Mahasabha would not take any initiative to go to the rescue of either the bank or its ex-directors.

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