Assam Minister for Cooperation Himanta Biswa Sarma recently told the state assembly the govt would soon bring in a comprehensive policy for breathing new life into the cooperative sector in the state, reports Assam Tribune.
The minister, however, said the policy will be applicable only to those cooperatives which still have a reasonable chance to be revived.
Sarma added as per the law, if any cooperative incurs losses for three consecutive years, the cooperative will be liquidated and its assets frozen so that the shareholders can have their shares back.
Sarma said in the absence of a revival plan, the state govt cannot help cooperatives with finances.
Earlier, addressing a state level cooperative seminar on ‘empowerment of women through cooperatives’ in Silchar jointly organized by Assam State Cooperative Union and Silchar District Cooperative Union , Kiran Kakati, President, Assam State Cooperative Union and a member of Governing Council of apex co-op body NCUI said there are many cooperative societies which have the potentiality of providing employment.