J&K Govt withdraws nomination of Zubair Iqbal as Dir from BoD of JK Bank, appoints him Chief Financial Consultant in Finance deptt

Jammu: Jammu & Kashmir government has withdrawn nomination of Zubair Iqbal as director from the Board of Directors of Jammu & Kashmir Bank. However, in a separate order, he was appointed as the Chief Financial Consultant in the Finance department.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to intimate that Mr. Zubair Iqbal, Govt. nominee Director (DIN:08742685) has ceased to be the Director of the Board of Bank consequent upon withdrawal of his nomination by the Government of Jammu & Kashmir,” reads an official document , a copy of which is lying with news agency—Kashmir News Observer (KNO).
This information was submitted by Muhammad Shafi Mir, company secretary, J&K Bank to National Stock Exchange of India Limited and BSE Limited.
Zubair Iqbal was nominated as the first managing director of J&K Bank in May last year but his appointment was not cleared by the Reserve Bank of India.
He was nominated as the first managing Director of J&K Bank after a rigorous process of selection overseen by a high- level three-member committee under chairmanship of Tapan Ray, ex -Union Corporate Affairs Secretary, Arun Kumar Mehta, Financial Commissioner, Anand Madhukar, Officer on Special Duty, Department of Financial Services, Ministry of Finance, Government of India.
Meanwhile, in a separate order, the finance department by the order of Lieutenant Governor said, “In terms of Rule-194 of GFRs-2017, sanction is hereby accorded to the engagement of Mr. Zubair Iqbal, Ex. Senior Vice President, HDFC Bank, as Chief Financial Consultant in the Finance Department on terms and conditions.
The terms and conditions include that the term will be one year from the date of joining/assumption of charge and shall be terminable by either party on one month’s notice while emoluments is Rs two lakh per month.
The order further reads that the allowances and leave will be as admissible to the temporary government employees