The Government of Goa has cancelled, with immediate effect, the permission and No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society. The permissions, issued through letters dated 31 July 2014 and 28 June 2018, had allowed the society to extend its area of operation and open 13 branches in Goa.
The decision follows regulatory scrutiny and inspection conducted by the Office of the Registrar of Co-operative Societies, Goa. The inspection was carried out under the powers delegated to State Registrars under Section 108 of the Multi-State Co-operative Societies Act, 2002, in accordance with the Circular issued by the Central Registrar of Co-operative Societies on 24 May 2013.
As per the official press note, the inspection and subsequent proceedings revealed serious and persistent non-compliance with statutory and regulatory requirements.
The lapses included failure to submit audited financial statements as mandated under law, non-cooperation during statutory inspection and verification, violation of the conditions under which the NOC was granted, and failure to respond to or appear before the Registrar of Co-operative Societies despite due service of notices.
Following the withdrawal of permission, the general public has been advised to take note of the current regulatory status of the society and to exercise due diligence and caution while undertaking any financial transaction or investment with it.
The press note further stated that individuals having any grievance, dispute, or seeking clarification in connection with the society may approach the appropriate competent authority as provided under law. The notice has been issued in the interest of public awareness and regulatory transparency.