Co-op society fails to release deposits, plaint lodged

Palampur, March 16

Hundreds of members of the Garla Agriculture Services Cooperative Society today protested against the failure of its management in releasing their deposits for the past one year on the pretext that it has no funds.

The society deals with the sales and purchase of foodgrains and conducts the banking business as per its laws.

The members later lodged a complaint with the Bhawarna police, seeking action against the management and secretary of the society. They said they had deposited their hard-earned money with the society but because of its mismanagement, it was left with no funds to disburse.

They alleged that the situation became worse last year and now the society was on the verge of financial bankruptcy because of bungling.

Bhawarna SHO Kehar Singh said he had received a complaint from the society members and it had been forwarded to the Assistant Registrar, Cooperative Society. He said further action would be taken after the inquiry report.

Meanwhile, executive members of the society said at present, they had a working capital of Rs 1.5 lakh, which was being used to carry on the sales of the purchased PDS goods. They said efforts were being made to speed up the recovery of loans given by the society to its members.