The Maharashtra govt has given special powers to the board of directors of cooperative societies by amending the cooperative act. This has been done in order to meet the present COVID-19 crisis.
The decision allows the board of directors to approve the balance sheet, next year’s financial statements and the appointment of auditors before the annual general meeting. Co-operators across the state have hailed the decision and called “It was the need of the hour”.
Earlier, Maharashtra government has given a big relief to cooperatives in the state by extending the deadline for conducting the Annual General Meetings (AGM) till 31st March 2021 and their audits by 31st December 2020.
The delay in holding the AGMs had caused several roadblocks in the development of respective cooperatives. This was the reason for the govt. to bring in the amendment. The Government will now have the power to fill vacancies on the board of directors through nominations from the members of the same category