Minutes after the removal of Parvez Ahmad as chairman of the Jammu and Kashmir Bank, state vigilance organisation sleuths Saturday raided the financial institution's corporate headquarters in Srinagar, officials said.
The vigilance organisation was looking for records of nearly 1,200 appointments allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad's tenure, they said.
The sleuths raided the bank's corporate headquarters at M A Road in Srinagar soon after the state government dismissed Ahmad and appointed executive president R K Chibber as the bank's interim chairman, the officials said.
Chibber replaces Ahmad, who was appointed in 2016 as the chairman of the Jammu and Kashmir Bank.
“Parvez Ahmad, chairman-cum-managing director, shall cease to be director on the Board of Directors of the bank and consequently be no longer the chairman-cum-managing director of the board," an order issued by Additional Secretary,Finance, Vishal Sharma said.
"R K Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," it added.
Sharma said the directions shall come into effect immediately.
The state government owns 59 per cent shares of J&K Bank.
This is the only private sector bank designated as the Reserve Bank of India's agent for banking business and carries out the banking business of the Central government besides collecting central taxes for CBDT.
The bank was incorporated in 1938 and is listed on the NSE and BSE.
PTI
