The Central Registrar of Cooperative Societies (CRCS), Rabindra Kumar Agarwal, has ordered the winding up of Rajasthan’s Bharatpur-based Golden Credit Cooperative Society.
The decision comes after a series of inspections and lack of compliance with the Multi-State Cooperative Societies (MSCS) Act, 2002. The Deputy Registrar of Cooperative Societies in Bharatpur has been appointed as the liquidator, tasked with overseeing the society’s liquidation and submitting quarterly progress reports to the CRCS.
The order from the CRCS followed an inspection report by the Registrar of Cooperative Societies, Government of Rajasthan, which revealed that the Golden Credit Cooperative Society was not operating at its registered address.
Additionally, the society had failed to file its mandatory annual returns since its inception, a violation of Section 120 of the MSCS Act.
Despite repeated notices and reminders issued on 16th October 2023, 4th January 2024, and 23rd July 2024, the society did not respond, nor could the CRCS office deliver the notices, indicating that the society was no longer functioning.
Given the society’s non-compliance and inactivity, the CRCS has initiated the winding up process, citing provisions under the MSCS Act and Rules.