The agro-cooperative NAFED caught in an existential crisis is finding it hard to disburse salaries to its staff. The matter was discussed in the Board meeting last week without any conclusion.
Meanwhile, a source informed Indian Cooperative that the govt move to offer the cooperative bailout has a rider not acceptable to the current board: the govt would help only if the Chairman and Vice chairman resign from their posts. Mr V R Patel and Bijender Singh are the Chairman and vice-chairman respectively.
Talking to Indian Cooperative Bijender Singh who got back his job as Chairman of NCCF last week in the wake of a ruling by the Delhi High Court vehemently denied this. There is no such proposal and it is a rank rumour, he added.
Quoting from the past he said ” I have twice sought to resign- once I wrote to the govt and the second time I proposed the same in the board. But I was shown no road-map either time”, Mr Singh added.
Meanwhile, lending banks have tightened the screws on the cooperative behemoth with September 30 as the final date for loan settlement. The cooperative as of now is not able to pay even the interest-amount accruing every month on the loans taken in the past.
Earlier, talking to Indian Cooperative NCUI President Chandra Pal Singh Yadav had expressed confidence that the govt would bail the Nafed out in the story titled “Punish the guilty, save NAFED: Chandra Pal,“ in these columns.
Earlier, the Union State Minister Mohanbhai Kalyanjibhai kunderia had said the NAFED has real estates spread across the country and selling them off is one of the serious proposals doing the rounds in the Ministry these days. The story was titled’ Selling off assets only way to save NAFED: Minister’, in these columns.
As of now the agri behemoth is reeling from a huge bank debt and at least Rs 1300 crore is needed immediately to nurse the terminally ill cooperative back to health.