Tirumalla Tirupati Credit Society Goa has had its permission and no-objection certificate cancelled with immediate effect by the state government, impacting its operations across 13 branches in the state.
NT Reporter
Panaji
The state government has withdrawn and cancelled with immediate effect the permission/No-objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd. for extending its operations and opening 13 branches in Goa, shocking thousands of Goans, who have invested their money in the co-operative credit society over the years
through fixed and recurring deposits.
Registrar of Co-operative Societies Ashutosh Apte, through a press statement, on Tuesday said that the action has been taken following regulatory scrutiny and inspection carried out by his office in accordance with the authority delegated to state registrars.
Apte has stated that the inspection and subsequent proceedings revealed serious and persistent non-compliance with statutory requirements and regulatory directions.
The non-compliance includes non-submission of audited financial statements as required under law, not cooperating with statutory inspection and verification processes, violation of the terms and conditions subject to which the NOC was granted and failure to respond to or appear before the Registrar of Co-operative Societies despite due service of notices, states the press note.
The general public has been advised to take note of the regulatory status of the co-operative credit society and exercise due diligence and caution while undertaking any financial transaction or investment with it.
The government has appealed to the public that in case of any grievance, dispute or clarification related to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd., the concerned persons may approach the appropriate competent authority as per law.
The NOC and permission was granted to the Tirumalla Tirupati Multistate Co-operative Credit Society Ltd. on July 31, 2014, and June 28, 2018 and the credit society has been operating in Goa through its 13 branches spread across the state.
