Pune: The central government has taken decisive action following numerous complaints filed by small investors and farmer members against the Dnyanradha Multi-State Co-operative Credit Society.
These complaints, centered on the financial distress caused by the society, led the Union Minister of State for Cooperation, Murlidhar Mohol, to order the appointment of a liquidator to oversee the closure and repayment process.
The Dnyanradha Multi-State Co-operative Credit Society has been the focus of complaints from rural investors, including farmers, laborers, and small traders, who have faced financial hardship due to the society’s alleged mismanagement.
As the volume of complaints grew, Minister Mohol convened emergency meetings in New Delhi to address the issue. He directed senior officials from the Central Ministry of Cooperation to take swift action. The meetings were attended by MLAs Narayan Kuche, Meghana Sakore-Bordikar, and other senior officials.
Minister Mohol announced that a notice has been issued to the society under Section 86 of the Multi-State Co-operative Societies (MSCS) Act, 2002. The society has been given 15 days to submit any objections.
Following this, a liquidator will be appointed under Section 89 of the Act, in accordance with Rules 28 and 29, to handle the distribution of liabilities.
The liquidator’s primary task will be to evaluate the society’s assets and ensure that funds are returned to the depositors and members in phases, depending on asset availability.
"This move will help ease the burden on poor members and farmers, ensuring they receive their hard-earned money back," said Minister Mohol.
This action is expected to provide relief to the affected members, many of whom have been waiting for a resolution for a considerable amount of time.
