NACOF which fashions to take on agri cooperatives NAFED and NCCF held its fourth AGM on Tuesday in N Delhi. The Chairman of Cooperative Federation Mr Ramekbal Singh announced that the business of Nacof has grown from Rs 32 crore to Rs 44 crore.
Delegates from various states participated in the AGM where a beaming Chairman announced a profit of Rs 20.80 lakh. The Board has decided to give 20 per cent dividend to share-holders.
But what surprised most was a contribution of Rs 21,000 to NCUI’s Education Fund. Profit-making cooperatives are supposed to contribute a fraction of their gains to the Education Fund.
Though the amount may be small, our intention is noble, said Ranjit Singh, son of Late Tapeshwar Babu and an active figure behind Nacof. This was all the more striking as list of defaulters who do not contribute to Education Fund includes brands like Saraswat Bank, he added.
The commercial activities of the Federation are being undertaken by 15 branches set up in the state capitals for providing support supply of commodities like seeds of grains, pulses, vegetables, etc.
The AGM was informed that Nacof branches in Lucknow, Patna, Kolkata, Jaipur, Raipur, Ranchi and Chandigarh are doing excellent job and other newly opened branches are picking up business in right earnest.
NCUI’s Chief Executive Dr Dinesh who was invited as chief guest, congratulated the agri-cooperative on the steady growth.
Speaking on the occasion he said that what distinguishes an organization is its passion. Noting that profit is not a bad word he said there is no difference between cooperative governance and corporate governance. The difference lies in the objective which is serving members in case of cooperatives.
