The financial institutions have been subjected to action since they have failed to submit audited reports of their financial statements within the stipulated deadline.[break]
The office has said that the co-operatives have failed to conduct their Annual General Meeting (AGM). According to Bharat Kumar Sharma, chief of CTDO told Republica that action against the co-operatives was taken to regulate, monitor and promote them.
According to the Co-operatives Act, the co-operatives need to conduct annual general meetings and have their financial reports audited regularly. There are a total of 237 co-operatives in the country. Among them, only 103 have conducted annual general meetings regularly and had their financial reports audited.
The division office also said that it is about to take action against 84 other cooperatives.
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