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MALLESHWARAM CO-OPERATIVE SOCIETY LIQUIDATOR DID NOT PAY INTEREST FOR DELAYED PAYMENTS

 
 
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MALLESHWARAM CO-OPERATIVE SOCIETY LIQUIDATOR DID NOT PAY INTEREST FOR DELAYED PAYMENTS
by System Administrator - Saturday, 11 July 2015, 6:31 AM
 

By : M.S.Yatnatti Editor and Video Journalist Bengaluru : No respect to apex court orders by M.D.Narsimha Murthy Joint Registrar co-operative Societies and Liquidator. He need to be shunted out from the department as liquidator who has done continuous injustice to 66 sincere employees of Malleshwaram Co-operative Society Limitedand these employees are dyeing one by one as they are of old ageand department is not considering their demands sympathetically as er apex court orders and now CM should intervene the matter as co-operative minister has failed to act on their legitimate demands. .He has refused to honor the Supreme Court orders and Revised Gratuity payments 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 in respect of Malleshwaram Co-operative Society Limited and pay interest for about 15 years on delayed payments as per Supreme Court of India H. Gangahanume Gowda vs Karnataka Agro Industries ... on 5 February, 2003 and The citations have been filed before Deputy Director court with separate memo, A full text of the reported judgments is placed on record along with separate memo which may was requested to be treated and read as part and parcel of this written arguments. But even Deputy director is suspected under pressure from M.D.Narsimha Murthy Joint Registrar co-operative Societies and Liquidator who is his superior officer in grade and not passing orders as per supreme court orders .After supreme court orders what else they need to pass again orders is the common man is asking the question.The 66 emloyees are demanding revision of their settlements as per Supreme court order and pay interest on it since 2000 for last 15 years or pay lump sume payments of of Rs 5 lakhs whichever is feasible and settle their dues as the of Malleshwaram Co-operative Society Limitedhas croes of rupees cash and properties . Malleshwaram Co-operative Society Limited is under liquidation.Entire employee package need to revised as on 2000 and need to be paid interest from 2000 for last 15 years.

Despite apex court orders lokayukta closed the case in Loka No BCD/2930/2014as it is suspected and alleged thatM.D.Narsimha Murthy Joint Registrar co-operative Societies and Liquidator has bribed the lokayukta officials and got closed the case and started demolishing illegally head office building of Malleshwaram Co-operative Society Limited . One property worth 40 crore was transferred to RCS without any authority of law to RCS for Redeemable share amount/loan of 10.70 lakhs in gross violation of any law in operation. The sanction orders from 1-9 from the year 1962 to 1990 as per the listfor total amount of Rs 10,70,000/- is very clear and it were given as loan for specific purpose and not as share amount . 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 share /loan given by government wherefore question of allotment of shares does not arise and another one property was still remains untouched.The deputy Director of co-operative audit Bangalore had made several observations on audited accounts submitted by the liquidator in respect of Malleshwaram Co-operative Society Limited which were not complied by liquidator. In one the observation it made it cleared that 10.70 lakhs it was not the share amount but it was redeembale share amount /loan but it need to be given back in ten installments as it was given from 1962 -to- 1990 with a condition that it will be returned after 15 years in 10 installments and audit observation was made to and directed liquidator to make arrangement to return 10.70 lakhs immediately out of accounts of Malleshwaram Co-operative Society Limited. Instead of remitting back amount of 10.70 lakhs which is available with the accounts of Malleshwaram Co-operative Society Limited liquidator did committed blunder and fraud of selling 40 crore rupees property to RCS in grave violation of observations of audit report.

Liquidator ofMalleshwaram Co-operative Society Limited as per Law and Liquidation guidelines should have sold all properties belonging to Malleshwaram Co-operative Society Limited at Maleshwaram: 8 the cross Margoosa RoadMaleshwaram-560003 and Shrirampuram:7th main 7th cross shrirampuram Bangalore-560021 and Sheshadripuram : Govid Rao street 1st main road Bangalore-560020 and Yeshvantapur : No 19/2 2nd main Road RMC Yard Bangalore -560022in Transparent Auction as all above properties worth several crore and paid to employees demand and share holders as per their share holding which liquidatorhas not done so far since 14 years andhas committedfraud under 420 and tress pass under 448 and criminal intimidation under 505 of IPC. Instead of selling the properties in Auction it has been alleged that it were sold on mutual sales with huge undervaluation (Shrirampuramand Sheshadripuram) andby transferring the Maleshwaram: 8 the cross Margoosa RoadMaleshwaram-560003 to RCSliquidator has committed fraud against Malleshwaram Co-operative Society Limited as liquidator has no authority to transfer the properties to anybody under the Act or Circulars' and guidelines. In the proposal sent to government by liquidator to transfer the Maleshwaram: 8 the cross Margoosa RoadMaleshwaram-560003 to RCS(which is illegal ) it said that Govt had 10.70 lakhs redeemable sharesBut fact is thattotal shares paid up capital from 6661 members total shares (including Government ) were only 15 76 694.25 rupees .So question of Government having 10.70 lakhs shares does not arise .It is said that 10.70 lakhs was given as Redeemable shareloan to society some time backbefore liquidation. Government cannot act like loan shark to usurp the property of Malleshwaram Co-operative Society Limited(in liquidation) .He has only authority to sell the assets and clear the liabilities at once. No law permits to transfer the assets to anybody let it be government or anybody.