The Ministry of Cooperation, through the Office of the Central Registrar of Cooperative Societies (CRCS), has issued a Show Cause Notice to Swapnavedh Multi State Cooperative Credit Society Ltd. for alleged non-compliance with statutory and regulatory directions under the Multi-State Cooperative Societies (MSCS) Act, 2002.
According to the notice, the Society has failed to implement the order dated 10 September 2025 passed by the Co-operative Ombudsman in the case Shri Gulabrao Vyankatarao Pawar & Others vs Swapnavedh Multi State Cooperative Credit Society Ltd. The CRCS noted that the Society did not file any appeal against the Ombudsman’s order, as permitted under Section 85A(3) of the MSCS Act, 2002.
The matter was further reviewed during a hearing scheduled on 16 October 2025, for which the Chairman/Chief Executive Officer of the Society was directed to appear before the Central Registrar. However, no representative of the Society attended the hearing.
Additionally, the Co-operative Ombudsman, in an Office Memorandum dated 16 October 2025, informed the CRCS that the Society continues to collect deposits from new members while allegedly failing to refund deposits to existing members, as highlighted in a complaint submitted by the affected depositors.
The CRCS also observed that, as per records available on the CRCS portal, the Society has not submitted its mandatory annual returns under Section 120 of the MSCS Act, 2002.
In view of these serious lapses, the Chairman/Chief Executive of the Society has been directed to furnish a detailed explanation within 10 days from the date of the notice. The CRCS has warned that failure to respond may lead to further action, including the initiation of winding-up proceedings against the Society.