Approval restored after compliance to norms
PANAJI
Fresh No Objection Certificates (NOCs) have been granted to 13 branches of Tirumalla Tirupati Multistate Co-operative Credit Society Ltd, nearly three months after the State government withdrew its approval over non-compliance issues, paving the way for the branches to resume operations in Goa.
Speaking to media persons, Minister for Co-operation Subhash Shirodkar confirmed that the government has granted NOC to Tirumalla’s 13 branches while a decision pertaining to three more branches is pending for now. “The decision was taken following their financial statement and compliance. They have around Rs 350 crore deposits across all branches,” he said.
The Goan had earlier reported that the Society had applied for fresh NOC after compliance with regulatory requirements and that the government is considering granting them the permission on compliance of all conditions prescribed by Central RCS.
The NOC was withdrawn in February after the Registrar’s office initiated regulatory action following an inspection into the society’s functioning. The withdrawal revoked permissions earlier granted through letters dated July 31, 2014, and June 28, 2018, which had allowed the society to expand its area of operation and establish 13 branches in Goa.
The action was taken over alleged serious and persistent non-compliance with statutory and regulatory norms. The society was found to have failed to submit audited financial statements as mandated, did not cooperate during statutory inspections and verifications, violated conditions attached to the NOC, and failed to respond to notices issued by the Registrar despite due service.
