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GOVERNMENT NEED TO BOOK FIR ON ERRING LIQUIDATOR FOR FRAUD

 
 
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GOVERNMENT NEED TO BOOK FIR ON ERRING LIQUIDATOR FOR FRAUD
by System Administrator - Thursday, 18 December 2014, 11:25 PM
 

By : M.S.Yatnatti Editor and Video Journalist Bangaluru : Despite audit objections liquidator did not complied audit objections and did not remited 10.70 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 . Grave violation of liquidation law and property worth 40 crore was transferred to RCS without any authority of law for Redeemable shares /loan of 10.70 lakhs in gross violation of law in operation. The sanction orders from 1-9 from the year 1962 to 1990 as per the list for total amount of Rs 10,70,000/- is very clear and it were given as grant /loan /Redeemable share for specific purpose with a condition that repayments to start from 6th year and in 10 equal installments and in case of default it need to be recovered with 5% interest. The orders sheet cleanly states that 10,70,000/- were supposed to be recovered from Malleshwaram Co-operative Society Limitedfrom 30-03-1996. The last line states that "repayment to be commenced from 30-03-1996 .Then it is redeemable shares / loan given by government wherefore question of selling 40 crore property for 10.70 lakhs to government does not arise .Government need to book FIR against RCS and liquidator immediately . Sri H.S.Mahadeva Prasad Minister for Co-operation and Chamaraj Nagar District in charge Minister, and Sri T.B.Jayachandra Minister for Law and Sri Siddramaiah CM Government of Karnataka arerequested to look into pathetic conditions of 66 Employees and 6661 shareholders of Malleshwaram Co-operative Society Limited and immediately take action to release the amount as demanded by employees which is available in the accounts of society in liquidation and CO-operation Department need to fulfill the legitimate claims of Employees of Malleshwaram Co-operative Society Limited as per the shareholders desire and resolutions. Liquidator has not conducted any single General body meeting of share holders of Malleshwaram Co-operative Society Limited after the order of Liquidation in 1999..