Amidst heavy ruckus in Lok Sabha over the Manipur issue, the Multi-State Cooperative Societies (Amendment) Bill, 2022 further to amend the Multi-State Co-operative Societies Act, 2002 could not be introduced in Lok Sabha today (Monday).
The Lok Sabha adjourned till 11:00 AM on 25th July 2023. The Lok Sabha speaker Om Birla adjourned the proceedings till Tuesday morning.
The MSCS Amendment Bill was introduced in the Lok Sabha on December 7, 2022, and was referred to a Joint Parliamentary Committee of both the Houses on December 20, 2022. The notice of consideration and passing of the Bill, as reported by the Joint Committee had been given in the Lok Sabha on 22.03.2023.
The Govt claims that the Co-op Amendment Bill seeks to strengthen the governance, transparency and accountability in cooperative societies and reform their electoral process. It also seeks to improve the monitoring mechanism and ease of doing business for these entities.
It also allows state co-operative societies to merge into an existing multi-state co-operative society.
The bill entails that a prior government permission will be required for multi-state co-operative societies for the redemption of their shareholding which may go against autonomy enjoyed by co-operatives.