Forty-five multistate credit co-ops being wound up: Shah

In a reply to a question in Rajya Sabha, Union Home and Co-operation Minister Amit Shah said that about 45 multistate credit co-ops and about five multistate co-operatives are being wound up after their various acts of omission and commission came to be known.

Whenever, complaints are received against any of the multi-State cooperative societies for violation of MSCS Act or Rules or non- repayment of deposits on maturity, action is taken by the Central Registrar of Cooperative Societies as per MSCS Act, 2002 and Rules, said Shah in his reply.

In case of multipurpose multi state cooperative Societies, winding up proceedings have already been initiated against Samruddha Jeevan Multi State Multi-Purpose Cooperative Society ltd., Pune, S.P. Global Multipurpose Cooperative Society ltd., Pune, Lakshya Multipurpose Cooperative Society ltd., Bathinda, The Happy Future Multipurpose Cooperative Society Ltd., Chennai and Janlaxmi Multipurpose Cooperative Society Ltd., Aligarh, stated the Minister.

Explaining further Shah said the Co-operative societies with members from one state are registered under the provisions of the concerned State Cooperative Societies Act and are regulated by the concerned State Registrars of the Cooperative Societies.

“Cooperative societies including multipurpose cooperative societies with members from more than one state are registered by the Central Registrar of Cooperative Societies under the Multi State Cooperative Societies (MSCS) Act, 2002. A total of 1509 multi state co-operative societies are registered under the provisions of Multi State Cooperative Societies (MSCS) Act, 2002 and function as autonomous cooperative organizations accountable to their members”, Shah underlined.

In his reply Shah said winding up proceedings have already been initiated against 45 multi-State cooperative credit societies. State wise details of such Multi State Cooperative Credit Societies are given below: