Liquidation Measures Initiated for Four Cooperative Societies in Maharashtra
Amit Shah announced the liquidation of four cooperative societies in Maharashtra. Liquidators have been appointed to ensure timely payments to members. The action follows complaints and inspections under the Multi-State Cooperative Societies Act, 2002. Amendments in 2023 aim to protect the rights of depositors and members.
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Cooperation Minister Amit Shah has revealed that liquidators have been assigned to dismantle the assets of four troubled multi-state cooperative societies in Maharashtra. The move aims to ensure that members receive their dues in a timely fashion.
In a written communication to the Lok Sabha, Shah clarified that these societies—Jijau, Dnyanradha, Shubh Kalyan, and Rajasthani—are not recognized as specified multi-state cooperative societies. Consequently, administrators cannot be appointed, as per Section 123 of the Multi-State Cooperative Societies Act, 2002.
Multiple complaints prompted the Central Registrar of Cooperative Societies to call on the Maharashtra government to inspect these organizations under the provisions of the MSCS Act, 2002. The lack of satisfactory responses led to the passing of winding-up orders under Section 86, and the appointment of liquidators under Section 89 of the MSCS Act, 2002.
(With inputs from agencies.)
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