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  • Media goes gung ho covering IFFCO JV story

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    The news of JV between the Indian cooperative giant IFFCO and the Japanese automobile major Mitsubishi has captured media attention in an unprecedented manner as most of the leading domestic media houses as well as the foreign media remained busy covering the subject for most of the Thursday. The company was formally launched Read more
  • Textile co-ops may sell off land to survive

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    Maharashtra government may allow ailing cooperative textile mills in the state to sell off their excess land so as to enable them to overcome their crisis. This is being done under a plan worked out by the govt. to revive sick textile mills under cooperative structure, textiles minister Chandrakant Dada told the news outlet. Earlier the Suresh Halwankar committee's recommendation for closure of...
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  • IFFCO forms JV with Mitsubishi to manufacture agrochemicals

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    Wednesday proved to be a big day for the farmers’ cooperative IFFCO as it tied up with the famed Mitsubishi Corp of Japan to manufacture quality agrochemicals in India. Blazing a trail in the field of fertilizers, the IFFCO intends repeating the same in the field of insecticides, fungicides and weedicides in the country as a buoyed up MD Dr U S Awasthi...
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  • Latur Urban Co-op Bank penalized

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    The Reserve Bank of India has imposed a monetary penalty of Rs five lakh on Latur Urban Co-operative Bank. The UCB was found guilty of violation of the Know Your Customer norms and RBI instructions. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank’s reply in...
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  • Co-operative Bank reports £200m loss

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    By Anca Voinea Announcing its results for the first six months ended June 2015, the Co-operative Bank reported losses before taxation of £204.2m. The amount is triple from the loss of £77m in the first half of 2014, but the bank said the loss was better than “management targets”. The interim report shows the bank has strengthened its capital resilience as it continues ...
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  • BMC vindicates stand taken by columnist I C Naik

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    As reported on 25th August 2015 by Mumbai Daily “ the Brihanmumbai Municipal Corporation (BMC) cannot dictate people’s eating habits, and neither can it tell builders developing new residential societies whom to sell and not sell flats, as there are no such provisions in the Development Control Regulations (DCR) 1991, municipal commissioner Ajoy Mehta has said.” Further as per Report “ ...
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Cooperative Coffee Shop

  • Questioning Sec 165 of MCS Act,1960

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    By I C Naik It is time to question if Section 165 of the MCS Act 1960 is ultra vires the Constitution especially after the 97th Constitutional Amendment becoming effective from 12 2 2013 and more particularly after  the order of the Supreme Court dated 19th March 2015 [(2015) 42 SCD 494]. This Section empowers the State bureaucracy to prescribe rules to give effect to provi...
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  • Autonomous functioning of Indian Co-operatives

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    By I C Naik New thrust to co-operative movement in India as recently enshrined in the Constitution (vide 97th Constitutional Amendment effective 14 2  2013) (Article 243ZI) has four mandatory principles on which State laws must guarantee the functioning of cooperatives registered in the Stae: 1.Voluntary formation, 2.Democratic member-control 3.Member-economic partici...
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  • Red alert on MAHA CHS Elections

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    By I C Naik CHS election was an in-house affair so far. Post 97th Constitutional Amendment, no more. Article 343ZK(2) mandates  all elections to a co-operative society shall vest in such an authority or body, as may be provided by the Legislature of a State, by law. After the first Maha SCEA took charge elections have started. A seat on a managing committee of CHS being not...
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  • Megavath!Go for revival of PIL-Post dismissal of Amul Chairman-Victory of 97th CAA

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    By I C Naik MOHAN MEGAVATH ? Sounds quite familiar. He has been an extremely active participant in the fierce debate concerning the 97th Constitutional Amendment on www.indiancooperative.com Meghavath approached the Hon. Karnataka High Court for putting an end to a dual legislative enactments for cooperative societies urging for a...
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