Allege mismanagement of co-op society
Bardez Bazaar shareholder Vijay Bhike, joined by others, addresses a news conference at a hotel in Mapusa on Friday.
MAPUSA
A group of shareholders of Bardez Bazaar Consumer Co-operative Society has accused the current board of directors of mismanagement, claiming that the society’s growth and profitability have been severely hindered.
The shareholders, led by Vijay Bhike, have called for the immediate dissolution of the existing board and the holding of fresh elections, citing concerns over ongoing mismanagement and internal disputes.
Speaking to the media, Bhike, accompanied by other shareholders including Anil Naik, Suresh Vergekar, Mohammad Rafeeq Sheikh, Eknath Mhapsekar, Sushant Gaonkar, and Rashmi Naik, criticized the board for what they described as “musical chairs” over the past four years.
They alleged that despite the short time left before elections, a no-confidence motion had been moved against the chairman, affecting the smooth functioning of the society.
Bhike also suggested that the no-confidence motion was tied to a desire by some board members to take over a mall project under a joint venture, further complicating the board’s efforts to lead the organization effectively.
“There is no guarantee that the current board will work towards the betterment of the society in the remaining period of its term,” he said.
The shareholders also voiced concerns over the society’s financial standing, claiming that it has failed to improve despite efforts to manage investments made by previous directors in fixed deposits and mutual funds.
Bhike emphasized that the society is largely relying on interest income from these investments, rather than expanding or improving its operations.
Additionally, Bhike made serious allegations of malpractices within the board, including the reinstatement of blacklisted suppliers and claims of internal conflicts among directors.
He accused some directors of filing lawsuits against each other, with the cost of legal battles being borne by the society.
Given these allegations, the shareholders have demanded that the government and the registrar of cooperatives intervene, dissolve the current board, and call for fresh elections to ensure the future success and accountability of Bardez Bazaar Consumer Co-operative Society.
