KATHMANDU, Sept 12: The Ministry of Land Management, Cooperatives and Poverty Alleviation has declared two more cooperatives as problematic.
Issuing a press statement on Tuesday, the ministry has listed Shiva Shikhar Multipurpose Cooperative Limited of Bhaktapur and Tulasi Multipurpose Cooperative Limited of Morang as problematic. The ministry took the decision based on the recommendation of the Department of Cooperatives (DoC).
As these two cooperatives fall under the regulation of the DoC, the department has come up with the action against the cooperatives that have long failed to return the money of the depositors. According to the public notice issued by the ministry, it took action against the cooperatives under provisions of subsection (1) of section 104 of the Cooperatives Act 2017.
DoC mulls declaring Gautam Shree Multipurpose Cooperative as ‘p...
After declaring these cooperatives as problematic, their asset management and liability payment will be undertaken by the Problematic Cooperative Management Committee. Along with this, the number of cooperatives that have been declared problematic has reached 15.
Prior to this, the ministry had already declared 13 cooperatives as problematic on different dates. They include Standard Savings and Credit Cooperative Limited, Pacific Savings and Investment Cooperative Limited, Prabhu Savings and Loans Cooperative Society Limited, Kohinoor Hill Savings and Credit Cooperative Limited, Consumer Savings and Credit Cooperative Limited and Kuber Savings and Credit Cooperative Limited.
Similarly, Chartered Savings and Credit Cooperative Limited, Vegas Savings and Credit Cooperative Limited, Standard Multipurpose Cooperative Limited, Societal Savings and Credit Cooperative Limited, Lunibha Multipurpose Cooperative Limited, Oriental Cooperative Limited and Pashupati Savings and Credit Cooperative Limited have also been declared as a problematic cooperative.
Of late, an increasing number of cooperatives have failed to return depositors’ money, however the government authorities have done almost nothing to relieve the members of those cooperatives. Last week, the Bagmati Province Government declared the Civil Cooperative as problematic more than two years after the cooperative failed to return the money of its depositors.
