M.B. Channaveerappa, president of Shivamogga District Central Cooperative Bank, lost his post after a no-confidence motion moved against him was passed on Friday. Vice President H.L. Shadakshari will act as president until the new president is elected.
Of the 13 elected directors, nine supported the no-confidence motion, while four opposed it. The faction of directors, said to be supporters of former DCC Bank president and Congress leader R.M. Manjunath Gowda, had moved the motion.
Mr. Manjunath Gowda, speaking to the media, said that he and his supporters were expecting the president to resign after the Congress came to power in the State. As he did not resign, the directors moved the no-confidence motion. “We followed the way available in the democratic set up to remove the incumbent president. We will soon elect a new president,” he said.
