http://oheraldo.in/node/10818
GSCB to file FIR against Velip BY HERALD REPORTER PANJIM, MARCH 9 – The Goa State Co-operative Bank has resolved to file an FIR against its former chairman Prakash Velip and ex-managing director R R Phal for investing Rs 55 crores in bonds and causing loss to the bank. A three-member Investment Committee comprising chairman, managing director and general manager (accounts) on July 13, 2004, purchased 1812 Noida Toll Bridge Company Ltd's zero percent deep discount bonds at a price of Rs 35,950 per bond involving Rs 6.51 crores. Again between September and November 2004, the committee purchased 12,758 zero percent IIBI non-SLR deep discount bonds at a total cost of Rs 48.75 crores. The decision was taken allegedly without taking the Board of Directors into confidence when Velip-led BJP-supported group was ruling the roost of the bank. The investment committee was constituted by the bank's executive committee. Incidentally, Rajkumar Dessai, a teacher and a member of the RSS was the vice-chairman of the bank then and Goa was ruled by the BJP. The decisions of investment in non-SLR bonds was discussed at the meeting of board of directors recently. It was stated during the meeting that the bank should not have sold the securities as the market was not good then. To a query raised at the meeting whether bank norms had been followed, Velip said the bank could have purchased only listed non-SLR bonds after studying the health of the company. The meeting however noted that the bonds bought were not listed ones. A resolution was later adopted authorizing the general manager (vigilance) of the bank to file FIR against Velip and Phal in the matter. -- TUMCHER AXIRVAD ASSUM; DEV BOREM KORUM. Gabe Menezes. London, England