Recently, the Odisha government initiated to relocate the centre to act against the three credit cooperative societies. But why did they take such a step? As per the reports, these organizations have failed to repay the money to the respective depositors within the due time. Those three associations include Humara India Credit Cooperative Society LTD, Sahariyan e-multipurpose Cooperative Society LTD, and Sahara Credit Cooperative Societies LTD. According to the reports, these firms had deployed crores of amount under various schemes from different districts within Odisha. Taking the note of several complaints, the Registrar of Cooperative Societies (RCS) investigated the matter and took the decision of moving the centre.
Results of the inspection
Apparently, the RCS has taken on the investigation in 18 different districts in the state. The credit societies did not refund the amount to the creditors on the excuse of undecided judicial cases. Several branches of the credit societies complained about the RCS about their denial of refunding the money even after the maturity of the venture. In fact, the societies are now insisting the investors re-invest the matured sum of money in the same division.
More details on the news
The Central Registrar Cooperative Societies have registered those three Credit Cooperative Societies. Due to this reason, the government of the state possesses a limited scope of taking any action against them. Odisha’s Development Commissioner and Chairman of Level Coordination Committee directed to relocate the centre.
Prior to this, RCS instructed the administrators of 23 districts to examine the actions of those three Credit Cooperative Societies. The officials of Sahara claimed that the delay of the debt occurred due to the ongoing processes of SEBI or Security Exchange Board of India. In addition, the depositors stated that they have not received the amount even though it matured two years back.