23 July, 2021

Petulant Retreat

The TMCbacks off from its controversy-ridden pal, but only just

Petulant Retreat

THERE are no heroes in this flip-flop saga. When Tamil Maanila Congress (TMC) supremo G.K. Moopanar adm-itted that M. Gopalakrishnan, former chairman of Indian Bank and the man responsible for the 80-year-old nationalised bank's ruination, into his party fold, it was a blatant display of arrogance. When, just days later, on August 30, he dumped Gopalakrishnan, it was petulant retreat.

Gopalakrishnan's patron Moopanar sees a plot in the 'media-orchestrated' smear campaign against his protege. For the year ended March 1996, Indian Bank has announced accumulated losses of Rs 1,712 crore—the largest ever loss in the country's banking history. The bank's entire capital base has been wiped out. Moopanar's admitting Gopalakrishnan into TMC was seen by all as a cover-up operation to protect an unworthy protege. The resulting uproar has forced the TMC to back down. Gopalakrishnan has now "voluntarily" resigned from the party as he "did not want to cause any embarrassment to the TMC," and "he would rejoin it...

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