Following former Allahabad Bank independent director Dinesh Dubey claiming that his objections to loans being given out to Mehul Choksi went unheeded by the state-run bank's board, Republic TV has learnt that the CMD of the bank at the time, Shubhalaxmi Panse, is currently a member of the Banks Board Bureau (BBB).
Shubhalaxmi Panse, who was Chairman and Managing Director of the Allahabad Bank between October 2012 to January 2014, was appointed to the Banks Board Bureau in May 2017 by the NDA government. The panel, which is led by former CAG Vinod Rai, was instituted in 2016 to develop a robust leadership succession plan for state-run banks, many of which didn't have CMDs at the time, and to strengthen their governance.
Dinesh Dubey confirmed that Shubhalaxmi Panse was the CMD of Allahabad Bank at the time when he had dissented against loans being given out to Gitanjali Gems MD Mehul Choksi, and expressed surprise upon finding out that she had been elevated in such a manner.
Dubey, who had elaborated on his version of events vis-a-vis loans to Mehul Choksi in great detail while speaking to Republic TV, also spoke about his interaction with the Enforcement Directorate(ED) earlier on Monday after the agency moved to take his statement over the Nirav Modi-Mehul Choksi bank fraud.
On The Nation Wants To Know with Republic TV's Editor-in-Chief Arnab Goswami, Dubey had alleged that Panse had also turned a deaf ear to his objections on the alleged stalling of the Sterling Biotech case. Dubey claimed that he wrote several dissent notes on the matter, but it was not acted upon. The insinuation thereof was that because Sterling Biotech had powerful political connections including that was senior Congressmen Ahmed Patel's family, cases against the company were being stalled.