Gauhati High Court orders DGP to seize ASCARD Bank papers

STAFF REPORTER

GUWAHATI: The Gauhati High Court has directed Assam's Director General of Police (DGP) to seize all transactional documents of the Assam State Co-operative Agriculture & Rural Development (ASCARD) Bank.

The court's directive came on Friday during hearing of several petitions filed by the employees' union of the bank and others. The court further directed that apart from the bank's head office, the DGP should also bring under his own custody the transactional and other documents of all 28 branches of the bank through the Superintendents of Police of the districts concerned.

It may be mentioned that due to poor financial health of the ASCARD Bank, since 1995 many of its employees have had to retire without receiving their salaries.

It was revealed during hearing of the matter that the bank has only Rs 21 lakh left in its coffers as of now. The court observed that many persons took loans from the bank, but they refrained from repaying the money.

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