PANAJI:
Nearly three months after withdrawing its approval, the State government has decided to grant fresh No Objection Certificate (NOC) to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd in a bid to allow them to resume operations and open branches in Goa.
The Office of the Registrar of Co-operative Societies (RCS), Goa, confirmed that the Society has applied for fresh NOC after compliance with regulatory requirements.
Registrar Ashutosh Apte told The Goan that the government has decided to grant the Society fresh NOC. "They have applied for fresh NOC on compliance of all conditions prescribed by Central RCS, Govt of Goa has considered to issue fresh NOC to them," he said.
The NOC had been withdrawn in February after the Registrar’s office initiated regulatory action following an inspection into the society’s functioning.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.
Sources said the NOC will be issued with specific conditions, including periodic submission of statements of accounts, maintenance of localised liquidation parameters in Goa, and ensuring maximum employment opportunities for locals in its Goa operations.
Last month, Cooperation Minister Subhash Shirodkar had stated that the society had submitted all the required documents and that the government was examining the proposal before taking a final decision on restoring the NOC. The society had also reportedly submitted an apology letter to the government over its earlier lapses and non-compliance.
