The high-level commission formed to probe troubled cooperatives on Thursday ordered the promoters of another 25 companies to appear before it and explain their financial status and how they are going to repay their depositors.
Among the cooperatives whose promoters have been asked to show up before the commission are Demand Savings and Credit, Cosmic Savings and Credit, Shine Savings and Credit, Hamro Pacific Savings and Credit, Pushpanjali Savings and Credit, Grace Multipurpose, Renoun Multipurpose and Madhyapur Multipurpose. Earlier, the commission had summoned the promoters of seven cooperatives , namely Oriental, Guna, Pacific, Corona, Subha Shree, Nawa Rajdhani and Sahayata.
According to the high-level commission, it has received complaints from depositors against 63 cooperatives , most of them savings and credit and a few belonging to the multipurpose category. The number of complaints it has received from across the country total more than 13,000.
Commission member Sushil Ram Mathema said they had written to the board members of the 25 cooperatives with a deadline of less than a week.
“We expect them to come with their details within a few days,” he added.
Mathema said that most of the promoters were in contact with the commission. “A majority of them have expressed willingness to appear before the commission, but a few have asked for protection from angry depositors fearing for their safety,” added Mathema.
Commission officials have refused to divulge the names of the promoters who have asked for security, but they said that the promoter of Exim Savings and Credit was one of them. “If found necessary, we will talk with the District Administration Office to provide physical security to the concerned promoters,” said Mathema.
The commission headed by former chairman of the Special Court Gauri Bahadur Karki has planned to freeze the assets and bank accounts of no-show promoters. The body was formed two months ago with a mandate to assess the audit reports of the cooperatives and examine the fixed and movable assets of the operators and their relatives.
source: the kathmandu post,17 jan 2014
LINK
Among the cooperatives whose promoters have been asked to show up before the commission are Demand Savings and Credit, Cosmic Savings and Credit, Shine Savings and Credit, Hamro Pacific Savings and Credit, Pushpanjali Savings and Credit, Grace Multipurpose, Renoun Multipurpose and Madhyapur Multipurpose. Earlier, the commission had summoned the promoters of seven cooperatives , namely Oriental, Guna, Pacific, Corona, Subha Shree, Nawa Rajdhani and Sahayata.
According to the high-level commission, it has received complaints from depositors against 63 cooperatives , most of them savings and credit and a few belonging to the multipurpose category. The number of complaints it has received from across the country total more than 13,000.
Commission member Sushil Ram Mathema said they had written to the board members of the 25 cooperatives with a deadline of less than a week.
“We expect them to come with their details within a few days,” he added.
Mathema said that most of the promoters were in contact with the commission. “A majority of them have expressed willingness to appear before the commission, but a few have asked for protection from angry depositors fearing for their safety,” added Mathema.
Commission officials have refused to divulge the names of the promoters who have asked for security, but they said that the promoter of Exim Savings and Credit was one of them. “If found necessary, we will talk with the District Administration Office to provide physical security to the concerned promoters,” said Mathema.
The commission headed by former chairman of the Special Court Gauri Bahadur Karki has planned to freeze the assets and bank accounts of no-show promoters. The body was formed two months ago with a mandate to assess the audit reports of the cooperatives and examine the fixed and movable assets of the operators and their relatives.
source: the kathmandu post,17 jan 2014
LINK
Comments
Post a Comment