Jaffer Sharief, others ordered to deposit Rs 124 crore in a week

The High Court on Wednesday directed former union minister C K Jaffer Sharief and other petitioners to deposit a sum of Rs 124 crore in connection with their petition opposing merger of Amanath Co-operative Bank with Canara Bank as directed by the High court earlier.

Hearing the petition, Justice Ram Mohan Reddy issued directions  to deposit the money in the Amanath Cooperative Bank within a week after calculating the shortfall of money. During the earlier hearing, the Court had directed the petitioners to deposit over Rs 200 crore, which has been now reduced to Rs 124 crore.

During the hearing on Wednesday, counsel for Sharief submitted a memo stating that the petitioners will deposit the money in the bank if an ad-hoc committee to oversee the bank is constituted. He furnished a list of names, which included Jaffer Sharief, Iqbal Huttur, Congress leader C M Ibrahim and JD(S) MLA B Z Zameer Ahmed Khan, who would be the members of the committee.

Though the court took the memo on record, it said that the committee cannot be constituted as per the wish of the petitioners and said the Court will decide who will be in the ad-hoc committee. 

The Court also directed all the petitioners to be present before the Court during the next date of hearing.

Accordingly, the seven members in two petitions, Jaffer Sharief, Anis Ahmed, Masooda Begum and Saifuddin and Bakash in first petition and Saifuudin and Mohammed Bashir in second petition will have to appear before the court.