Members of the Bandhan Employees’ Welfare Trust have escalated their agitation against Bandhan founder Chandra Shekhar Ghosh and the Trust’s management, seeking legal help to fight for their rights allegedly violated.
They are also alleging possible misappropriation of funds at the entity, while the Trust itself has sought legal help to end the dispute.
The total assets managed by the trust weren’t immediately known, although it owns nearly a sixth in Bandhan Financial Services, which is the promoter of Bandhan Financial Holdings and Bandhan Bank.
The employees’ trust is in the process of moving the Calcutta High Court for a legal solution to grievances of the members, some of whom have alleged fund diversions in favour of Ghosh’s family.
The members have also involved the Bongo Bhashi Mahasabha Foundation — an organisation that promotes Bengali culture and protects their rights — in their movement.
“It has come to our attention that family members of Mr Ghosh may be improperly benefiting from the Trust’s funds,” said Parimal Kanti Mondal, president of Bongo Bhashi Mahasabha Foundation, in a letter written to the trust’s chairman, Ronendra Chowdhury, and Ghosh, on behalf of the agitating members.
“Despite repeated requests for transparency and access to the Trust’s accounts, including attempts to interview Mr Ghosh and Mr Chowdhury directly, there has been a complete lack of cooperation and disclosure,” said the letter dated July 5.
Separately, the Trust management claimed the allegations are motivated.
“With regards to financial irregularities, neither Mr Ghosh nor any of his family members are part of the Trust. Mr Ghosh’s name is being used to sensationalise the issue,” chairman Chowdhury told ET.
“Bandhan Employees Welfare Trust has already engaged with the agitating members of the Trust multiple times over the last few weeks. The Trust is in the process of filing an application before the Honorable High Court for the resolution of the issue.”
The trust was formed in 2008 with 3,076 members under the chairmanship of Chandra Shekhar Ghosh when Bandhan was a non-banking finance company. Ghosh relinquished his position in 2015 after the formation of Bandhan Bank.
The Trust now owns 14.6% in Bandhan Financial Services, the promoter of Bandhan Bank.
The members alleged that no annual general meetings were held between 2008 and 2023.
“We did not want to defame the Bandhan group and therefore were seeking resolution of the issue we raised through dialogues, which is not happening. Therefore, we have no option but to move court,” said Shukla Baul, one of the prominent members of the agitating group.
