The cooperative scene in Maharashtra is likely to get a clean up in the days ahead. The state cooperative dept has issued notices to 42 people including former deputy chief minister Ajit Pawar and some other prominent politicians in the state for their indulgence in alleged gross irregularities in the Maharashtra State Cooperative Bank (MSCB).
Sources say the move may cause Ajit Pawar and other political notables more problems and worries in the long run. According to the official estimates, the total financial losses incurred by the bank due to irregular transactions spanning three financial years in a row amount to a whopping Rs. 1,595 crore.
As the amount involved is not niggardly, the cooperative dept. is not willing to flinch from getting the fraudsters condignly punished. The state cooperative commissioner had earlier submitted a report to the govt. detailing serious charges of corruption against the former board of directors.
The commissioner’s report underlined the fact that the board’s decisions alone were responsible for the financial collapse of the bank. The latter’s woes had attracted the RBI’s ire as well.
invoke proceedings under Sestion 73 [1AB] TO GET FASTER RESULTS. Registrar is the judge, He should order Board to pay the loss to Bank in a simpliciter and put them on defence. I think an opportunity for new Government. But do it after winning Confidence Vote.