The divisional registrar of the cooperative department in Maharashtra has delayed the hearing of directors from the Kolhapur District Central Cooperative (KDCC) bank for some time, reports Times of India.
After the state came up with the ordinance to bar tainted candidates from contesting cooperative society elections, the KDCC directors had filed a case in the Bombay High Court seeking its intervention.
Nabard the apex financial institution for rural areas had recommended the dissolution of board of directors of several banks in the state, pointing out serious violations of rules and regulations of various cooperation acts.
Following these directives, the KDCC board was dissolved, but a hearing was not held. The scam involves an amount of Rs 117 crore.