PANAJI
Amid a rush by investors to withdraw their deposits, the State government on Wednesday said that the revocation of the Tirumalla Tirupati Multistate Co-operative Credit Society Ltd’s No Objection Certificate (NOC) to operate 13 new branches in Goa was a measure aimed at safeguarding depositors’ interests, giving them the option to either withdraw their funds or continue their investments.
The permission and NOC granted to the society have been withdrawn with immediate effect following regulatory scrutiny and an inspection carried out by the Office of the Registrar of Co-operative Societies, Goa. The government has left it to the depositors to decide whether they wish to withdraw or continue their investments.
The NOC earlier granted through letters dated July 31, 2014, and June 28, 2018 –
allowing expansion of operations and opening of 13 branches in the State – was cancelled after the inspection revealed serious lapses. The society has got its head office in Mumbai, with regional branches spread in Goa, Maharashtra and Karnataka.
Registrar of Co-operative Societies Ashutosh Apte said the government’s action was aimed at safeguarding investors. “There is absolutely no issue with regard to the safety of investors. This is a proactive step taken solely to protect them,” Apte said.
He noted that the government often receives complaints only after investors are affected. “To avoid such situations, we have issued an advisory to the public and investors to exercise caution while dealing with this credit society. Investors are free to either withdraw their funds or continue with their investments,” he said.
In Goa, the society has its branches in Ponda, Quepem, Mapusa, Canacona, Calangute, etc.
Apte stated that the inspection reportedly revealed persistent non-compliance with statutory and regulatory requirements. These included failure to submit mandatory audited financial statements, lack of cooperation during statutory inspection and verification, violation of the conditions under which the NOC was granted, and non-response to notices issued by the Registrar despite due service.
“The society has failed to provide audited statements, and in their absence, we are not in a position to ascertain the total investment of the society. We are making efforts to obtain these statements, but there has been no response,” Apte said. According to the information, the society’s total investment across three States is to the tune of Rs 1,600 crore.
On whether the police would be involved, Apte clarified that the matter is currently being handled at the civil level. “Only if we come across evidence of fraud or fund mismanagement a formal complaint will be lodged,” he said.
