Proposed action creates fear among co-op societies

Proposed action creates fear among co-op societies

Mumbai - The cooperative department has initiated action against bogus and non-working cooperative institutions across the state. Accordingly, the registration of these institutes will be cancelled within a month, informed Chandrakant Dali, cooperative commissioner of the state. This is going to affect around 50,000 cooperative societies in the state.
Cooperative department had conducted a survey of cooperative societies in 2015-16. The number of societies which have not completed their audit and are not working properly is said to be high. The department had received a large number of complaints against these societies. These societies had reportedly started their audit process after getting notices from the concerned authorities. Still, 50 such societies neglected these notices and hence action against them is most likely. Most of these societies are either housing or small banking units. The cooperative housing societies have expressed their displeasure on this development and sought a chance for correction. Maharashtra Society Welfare Association president Ramesh Prabhu has demanded that these cooperative societies should be given a relief.

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