Societies accuse MSCB BoM of irregularities
Source: The Sangai Express

Imphal, October 22 2024: The All Manipur Gram Panchayat Level Cooperative Societies Association has alleged irregularities in the functioning of the Board of Management of the Manipur State Cooperative Bank (MSCB) Limited.

At a press meet held at the Manipur Press Club, Imphal today, the association's working president, S Nilakamal alleged that the members of the Board of Management (BoM) are "working beyond the rules".

He claimed that societies have been removed from the eligibility list to take part in election to the Board of Management (BoM).

Nilakamal said that the annual General Body Meeting of the BoM and its election were scheduled on September 28 last.

While the election was not held, he said, a new notification has been issued to hold another annual General Body Meeting on November 23 to hold the election.

"This is against the rules.

There shouldn't be two annual GBMs in a year.

There may be a Special GB or Emergency GB, but no second annual GBM," he said.

While the notice to hold the GBM was published in newspapers, it was not is-sued/informed to the district offices and cooperative societies, he claimed.

Nilakamal further claimed that the BoM officials are more focused on giving loans to individuals and not to the societies.

He said the BoM officials provided a large number of KCC loans to individuals.

"While these loans were given to individuals and not to the societies, claiming that these loans have not been repaid, they declared it as non-performing assets and designated the societies as defaulters-removing them (societies) from the eligibility list to take part in the election, "Nilakamal alleged.

He further alleged, "The Managing Director only appends signature while a Chartered Accountant prepares the audit reports".

Considering these controversies, the GBM scheduled for November 23 to elect members of the Board of Management of the MSCB Ltd should be reprocessed, he said.

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