In a significant ruling aimed at protecting depositors’ interests, the Cooperative Ombudsman Alok Agarwal has directed Jivan MultiState Multipurpose Cooperative Society Ltd., Ahmednagar, to refund Rs 4.5 lakh along with applicable interest to Dilip Shamarao Shikhare, a depositor who had been denied repayment of his matured fixed deposits.
Shikhare had invested Rs 4.5 lakh through two fixed deposits, Rs 2.5 lakh on October 9, 2023, and Rs 2 lakh on May 13, 2024. While the first FD matured in October 2024, and the second in May 2025, the society neither refunded the amount nor responded to multiple requests made by the investor.
Following the lack of response, Shikhare approached the Cooperative Ombudsman. Upon receiving the complaint on January 27, 2025, the Ombudsman’s office issued a notice to the society on February 3, 2025, seeking a response. However, the society failed to reply or participate in the video conferencing hearing held on May 6, 2025.
During the hearing, Shikhare reiterated his request for the refund of his deposits. Observing the facts of the case, the Ombudsman noted that the respondent society not only failed to refund the amount but also showed disregard for the legal process by neither responding to the notice nor attending the hearing.
The Ombudsman concluded that the society had no justification for withholding the depositor’s money and issued a firm directive: Jivan Multi State Multipurpose Cooperative Society Ltd. must repay the entire deposit amount along with up-to-date interest within 15 days from the issuance of the order. Additionally, the society must submit a compliance report to the Ombudsman’s office immediately after making the payment.
This ruling reinforces the accountability of cooperative societies toward their members and depositors and serves as a warning against non-compliance with financial obligations.
