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GRAVE INJUSTICE DONE TO SHARE HOLDERS AND EMPLOYEES OF THE CO-OPRATIVE SOCIETY IN BENGALURU

 
 
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GRAVE INJUSTICE DONE TO SHARE HOLDERS AND EMPLOYEES OF THE CO-OPRATIVE SOCIETY IN BENGALURU
by System Administrator - Wednesday, 22 April 2015, 12:21 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bangaluru:: The co-operation department itself has killed a prominent co-operative moment in Bangalore. Liquidator ofMalleshwaram Co-operative Society Limited has committedfraud under 420 and tress pass under 448 and criminal intimidation under 505and188 and 166 and 166A 447 AND 448 of IPC of IPC by transferring the assets to RCS as liquidator has no authority to transfer the properties to any society under the Co-Operative Act or Circulars' and guidelines in respect of Liquidation . They have sold property without auction and they have transferred the property to RCS without authority of law and demolished the valuable building belonging to share holders and without conducting AGM without approval of AGM.

The general body ofMalleshwaram Co-operative Society Limited is the supreme authority in the affairs of its functioning and till date M.D.Narsimha Murthy Joint Registrar co-operative Societies and Liquidator Malleshwaram Co-operative Society Limitedand Joint /Additional Registrar Co-operative Societies (Consumer and Marketing) Bangalore andSri Chenappa Gowda IASRegistrar co-operative Societies in Karnataka Tel: 22252036 have not conducted any single meeting after liquidation orders were issued by department.Take legal action against M.D.Narsimha Murthy Joint Registrar co-operative Societies and Liquidator Malleshwaram Co-operative Society Limitedand Joint /Additional Registrar Co-operative Societies (Consumer and Marketing) Bangalore andSri Chenappa Gowda IASRegistrar co-operative Societies in Karnataka Tel: 22252036 for abetting the crimeand violating the Act or Circulars' and guidelines in respect of Liquidation .

No fresh calculation of enhanced payments as per Payment of Gratuity Act, 1972 (hereinafter called the P.G. Act) as amended by Act 11 of 1998 Act. The Liquidator Malleshwaram Co-operative Society Limited has to provide enhancement in gratuity and PF and PF Pension and salary as per Karnataka high court order (Three Benches) on 17-11-2003 in N.S. Srinivasamurthy And Ors. vs The Registrar Of Co-Operative ... on 17 November, 2003.Let the liquidator calculate all payments as on 1999 and pay with 18% interest per year for 15 years up to date to all 66 employees or pay a consolidated 5 lakhs each to 66 employees.(Copy of court order is enclosed .

No payments were made to share holders .No valuation done foreach share of Malleshwaram Co-Operative Society Limited in liquidation and how much was givento each share holder (6661 share holders) of Malleshwaram Co-Operative Society Limited( in liquidation) after auctioning the assets.No general, body meeting conducted by liquidator since 1999 as AGM only has power to decide in respect of Malleshwaram Co-Operative Society Limited in liquidation .Demands and Request to consider legitimate demands of 66 employees of Malleshwaram Co-Operative Society Limited in liquidation .(Rs 5 lakhs each and bonus for the year 1997 -1998 1998-1999 1999-to 2000 enhancement in gratuity and PF and PF Pension and salary) out of 40 crore assets/cash availablewas never placed beforeAGM as AGM only has power to decide in respect of Malleshwaram Co-Operative Society Limited”.

Once Malleshwaram Co-operative Society Limited is under liquidation question of financial condition at that time and this time does not arise while settling the demands of 66 employees. Liquidation means the end and at the end only one financial condition exists and that should be the basis of all settlements to its employees and stake holders. Cooperation department has failed in his duty to act as per law and guidelines in respect of liquidation of cooperative societies since 2000 to immediately sell the total assets and then clear the liabilities of employees and others and pay to members share amount and balance if has to be decided by registrar andthen knock out the name of the Malleshwaram Co-operative Society Limited from the registration list of department. Payments made to 66 employees of Malleshwaram Co-Operative Society Limited in liquidation need to be treated as interim payments as total assets were not sold at the time of interim payments in total to consider the employees demands as total assets were not sold in total to know about the total amount available to settle the claims of employees and others.No law permits to transfer the assets to anybody let it be government. Assets have to be sold as per circular dated 13-07-1992 at market value and by transparently and by auction and then distribute it among the Employees members and borrowers and 6000 share holders.Despite audit objections liquidator did notcomplied audit objections and did not remitted10.70 lakhs to Government when the money was available with Malleshwaram Co-operative Society Limitedinstead liquidator in connivance with RCS and JRCS sold with property worth 40 crore of Malleshwaram Co-operative Society Limitedfor just 10.70 lakhsby fraud to RCS . Share holders had requested lokayukta to take action as per law and providejusticeto help less 66 employeesand 6000 share holders of Malleshwaram Co-operative Society Limited under liquidation .