Permission for expansion with 13 branches withdrawn with immediate effect after regulatory scrutiny
PANAJI
The State government on Tuesday revoked the permission and No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd to operate in Goa, with immediate effect.
As per a press note issued by the Office of the Registrar of Co-operative Societies, Goa, the NOC granted through letters dated July 31, 2014 and June 28, 2018 –allowing the society to expand its area of operation and open 13 branches in Goa – has been withdrawn following regulatory scrutiny and inspection. The action followed an inspection conducted by the Registrar’s office.
“The permission/ No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd, permitting extension of its area of operation and opening of 13 branches within the State of Goa has been withdrawn and cancelled with immediate effect by the Government of Goa,” Registrar Ashutosh Apte said.
Apte said that action has been taken following regulatory scrutiny and inspection carried out, which reportedly revealed serious and persistent non-compliance of statutory and regulatory norms.
These included failure to submit audited financial statements as mandated, lack of cooperation during statutory inspection and verification, breach of the conditions under which the NOC was granted, and non-response to notices issued by the Registrar, despite due service.
Following the withdrawal of the NOC, the authorities have cautioned the general public to be aware of the society’s regulatory status and to exercise due care while engaging in any financial transactions or investments with the institution.
Apte has said that in case of any grievance, dispute or clarification in relation to the Society, the concerned persons can approach the competent authority as per the law.
The functioning of the society had first came under scanner in 2020, after one of its owners was involved in drug trade and money laundering. The Goa crime branch was investigating into the matter after the allegations that the owner cum actor was using the cooperative society money for money laundering.
