Setback for PK Sasi as bank demands return of investments in Universal College 

1 min read
Read later

PK Sasi | Photo: Mathrubhumi

Palakkad: In a setback for PK Sasi, Chairman of Kerala Tourism Development Corporation (KTDC), the governing body meeting of the service cooperative bank in Kumaramputhur asked him to return the money invested in the Co-Operative College in Mannarkkad. The decision was taken at the meeting convened on Friday.

As per reports, the governing body has demanded Sasi, who is chairman of the college, to return shares worth Rs 1,06,30,000 and a fixed deposit of Rs 25 lakhs, along with interests and profit shares.

There are 13 governing body members in the bank headed by N Manikantan. Of them, nine took part in the meeting held on Friday. Four others, including the president, refrained from attending the meeting, which also decided to continue the bank scholarship given to 21 college students.

Meanwhile, there are reports suggesting that the party is planning to seek a report from the president and those who did not participate in the meeting. However, N Manikantan said he could not attend owing to personal reasons.

The Universal Arts and Science College functions under the Mannarkkad Educational Society. Earlier, the audit report of the 2020-21 academic year had stated that the college has been under a loss of Rs 5 crores. According to the bank which demanded the return of deposits, it has not made even a single rupee as profit in the last five years.

Add Comment
Related Topics

Get daily updates from

Disclaimer: Kindly avoid objectionable, derogatory, unlawful and lewd comments, while responding to reports. Such comments are punishable under cyber laws. Please keep away from personal attacks. The opinions expressed here are the personal opinions of readers and not that of Mathrubhumi.