KMC instructs all cooperatives within metropolis to submit relevant financial details within 30 days

Published On: June 28, 2023 11:30 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, June 28: Kathmandu Metropolitan City (KMC) has instructed all cooperatives within the metropolis to submit all details within 30 days.

The Cooperative Department of KMC has requested cooperatives to provide information regarding their general meetings, audit reports, and other relevant details.

This comes amid cooperatives facing crisis and many of them closing their businesses after becoming unable to pay back to their debtors. Reportedly, a number of cooperatives in the metropolitan area did not notify the general meeting and also failed to submit the audit report. 

The KMC has warned of taking stringent actions as per the cooperative act of the metropolis if the details are not submitted within 30 days from the date of the issue of the notice.

Mayor Shah has also informed the public about this through his official Facebook page. He posted a status urging cooperatives to avoid financial risks and prevent crises within the cooperatives.


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