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Money & Banking - NBFCs


Depositors' body plea to reconstitute RBF Board

Our Bureau

Chennai , March 31

THE Annanagar RBF Depositors Association plans to request the Company Law Board to reconstitute the existing RBF Board in order to provide representation to the depositors on the board and allow them to monitor the nidhi's activities.

At a press conference on Wednesday, Mr Arcot Easwaran, President of the association, said, "With a depositor on board, we can monitor activities." He pointed out the board included a depositors' representative for a while after the nidhi's management was taken over by the Company Law Board in 1999. The association's press release on the RBF case said the depositor's representative was dropped after a while due to "intensified pressure and displeasure of the surrogates representing the vested interests in the Board."

The association's office-bearers said RBF's existing establishment expenses were worrisome when seen in the context of the nidhi's dues to depositors.

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