Bandhan Employees’ Welfare Trust, which is in the midst of a storm following agitations by a section of its members against Bandhan group founder Chandra Shehar Ghosh for alleged irregularities in running the trust, has termed the agitation “baseless and motivated, with an ulterior motive” and is planning to seek legal intervention on the matter.
Chairman of the Trust said tha Ghosh ceased to be a part of it following the formation of Bandhan Bank in 2015.
“Neither Bandhan Bank nor Mr Ghosh has any interest whatsoever in BEWT. It’s an employee welfare trust managed by the employees themselves. None of the promoter or promoter group entities have any interests or say in the functioning of the trust,” BEWT chairman Ronendra Chowdhury said.
The Trust was formed in 2009 with 3000-odd members when Bandhan was a non-banking finance company. It now owns 14.6% in Bandhan Financial Services, the promoter of Bandhan Bank.
The Trust also holds 20% in Nicco Parks & Resorts, one of the largest amusement parks in eastern India.
A few members now want to BEWT to sale of NICCO Park shares, listing of Bandhan Financial Services through a public offer and an explanation for the purchase of Bandhan Bank shares that negatively impacted the financial interests of the trustees.
Sources within the Bandhan group said that the bank disbursed Rs 221 crore as dividend since its listing in 2018.
The agitating members however said that the trust was valued at Rs 6,710 crore at the time of the bank’s IPO but the members did not get any benefit out of it.
Chowdhury said that the Trustees have all along offered to hold peaceful and meaningful dialogues with the apparently agitated members. “It is a matter of deep regret that all such offers have been turned down due to the provocation by a few handful outsiders in connivance with a few members.
He said that the trustees have decided to “resolve the issues for good” through the intervention by the Calcutta High Court. “The trustees will seek appropriate legal remedy against the perpetrators,” he said.
