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J&K CMD sacked; office, residence raided by ACB

IANS  |  Srinagar 

In a sudden development, was sacked on Saturday and soon after his office and residence were raided by the (ACB).

There was no official word on the reasons for the sacking of Ahmed, who had been appointed to the post in 2016, or the grounds for the raids.

A government order issued on Saturday said: "shall cease to be on the and consequently be no longer the of the board.

"R.K. Chhibber is hereby nominated as the Director on the Board and may be further appointed as the "

The order, addressed to the of the bank, comes into effect immediately.

Hours later, the sleuths of ACB carried out simultaneous raids at Ahmed's office located in the corporate headquarters of the and his residence.

The owns 59 per cent shares of

This is the only designated as the Reserve Bank of India's agent for business and carries out the business of the besides collecting central taxes for CBDT.

The action came six months after the (SAC), headed by Satya Pal Malik, approved a proposal for treating the bank as a PSU, bringing it under the purview of the Right to Information Act, the guidelines and the

The decision came under widespread criticism from mainstream political parties and business and trade groups but the Governor, who is administering the state because of the President's Rule, later said safeguarding the autonomy and operational independence of the institution would remain the key objective of the

He insisted that "nothing new" was being imposed and that transparency was good for the bank in the long term.

Malik had said the bank, as a government company, is a public authority under the and hence is automatically subject to the transparency provisions of the

"Safeguarding the autonomy and operational independence of the bank is key objective of the administration at all times," the had said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 08 2019. 19:20 IST