VAS opposes Cooperative Apex Bank revival package

Itanagar, June 9 (UNI) The Voluntary Aruanachal Sena (VAS) has opposed the state government's move to avail Rs 225 crore as advance from National Hydro Electric Power Corporation (NHPC) as adjusted against its 12 per cent free power share in future, for reviving the sick Cooperative Apex Bank.

Terming it as a 'wrong precedent', the organisation has demanded the state government to make public the details of fund allocation in this regard.

In a letter to the chief secretary, VAS president Joddik Tali wanted to know on what grounds did the Union Power Ministry and NHPC grant this special dispensation to the state government.

Besides, they also demanded to know the logic behind the move 'to mortgage the future interest of the state' and how the future revenue could be utilized now.

Though the cabinet had decided to hand over the apex bank case to CBI and recover outstanding loans from its defaulters, the state government, instead of honouring the decision was 'committing another blunder of over-burdening the state's future', the letter added.

UNI