Members of Sahakar Urban Co-operative Credit Society during the general body meeting.
VASCO
The general body of the Sahakar Urban Co-operative Credit Society has unanimously passed a resolution to initiate legal action against the former government-appointed administrative committee for distributing loans worth Rs 2.97 crore in violation of co-operative regulations. A press release stated that the resolution was adopted during the 34th Annual General Meeting of the Sahakar Urban Co-operative Credit Society held at the Ravindra Bhavan auditorium.
Responding to questions raised by shareholders, newly elected Chairman Uday Prabhu revealed that the state government had dissolved the previous board of directors headed by Ulhas Faldesai three years ago and appointed a three-member administrative committee in its place.
This committee, during its tenure, had allegedly disbursed loans totalling Rs 2.97 crore to 37 retired employees of a particular establishment without collecting the mandatory documentation. Shareholders raised concerns over the issue, terming it serious. They pointed out that the loans were granted without any security measures, amounting to a breach of law. A unanimous resolution was passed to pursue legal action against the committee members responsible for this violation.
Shareholder Umesh Sonurlekar and others highlighted that after the 2019 election process was challenged in the High Court, the then board under Ulhas Faldesai appointed a lawyer at the society’s expense.
As per the Co-operative Registrar’s Act Section 57, this appointment was deemed illegal. Therefore, under Section 83 of the Act, it was resolved to recover the amount of Rs 2,27,000 spent on legal fees from Faldesai and other directors.
Additionally, the meeting resolved to investigate loans sanctioned by the administrative committee between January and March 2024, particularly those where the interest rates were reduced.
Chairman Uday Prabhu announced a 12% dividend for shareholders, stating that the society had registered a profit of Rs 1.09 crore this year. Prabhu also responded effectively to various queries raised by the shareholders during the meeting.
The vote of thanks was delivered by Vice-Chairman Santosh Khorjuvekar.
