SRINAGAR: In a surprising development, Jammu & Kashmir Bank Chairman and CEO Pervez Ahmad was removed by the Jammu and Kashmir government.
In an order issued on June 8, by the department of finance, the government of J&K, the government by exercising the powers under article 69 (iii) of articles of association of the bank has ceased the directorship of Pervez and also removed him from the chairman cum managing director of the board.
The government has further ordered placement of executive president RK Chibber as the director on the board and as per order may be further appointed as the interim chairman com managing director of the board.
Pertinent to mention, Pervez was appointed as chairman and CEO of the bank in October 2016 for the term of three years.
JK Bank has two Executive Directors, P K Tickoo and RK Chibber. Now one of them will be the interim leader of the bank.