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Sacked J&K Bank Chairman's office, residence raided

IANS  |  Srinagar 

Within hours after the government sacked Parvez Ahmed, sleuths of state (ACB) raided his office and residence in

Informed sources said simultaneous raids were on at Ahmed's office located in the corporate headquarters of the and his residence.

There was no official word on the reasons for Ahmed's sacking 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 cum managing of the board.

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

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

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 bank was incorporated in 1938 and is listed on the NSE and BSE.



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

First Published: Sat, June 08 2019. 14:16 IST