IFFCO has given a cheque of Rs 7.71 crore to National Cooperative Union of India (NCUI) towards its contribution in the Education Fund last Saturday.
Announcing this, IFFCO Director of Cooperative Relations, Dr G N Saxena said “We have made this payment at one stroke unlike previous year when the due amount was paid in two installments”. We have fulfilled our commitment towards the cooperatives and honoured the Multi State Cooperative Society Act, he added.
According to MSCS 2002, multi state cooperatives have to contribute a certain percentage of their profit to the Education Fund which is primarily meant for growth of cooperative education and training.
IFFCO’s contribution has come and KRIBHCO’s would follow soon, confirmed NCUI’s Chief Executive Dr Dinesh to Indian Cooperative.
But there are host of profit making cooperatives which are shying away from paying their dues. A case in point is the leading urban cooperative bank Saraswat Bank which is based in Mumbai. Dr Dinesh said that he has written letter to the Chairman Eknath Thakur and is waiting for his response.
But Indian Cooperative has learnt that Saraswat Bank is least bothered with NCUI as well as with MSCS Act and stopped paying its dues long time back. The previous Central Registrar R K Tiwary chose to sit on the matter instead of initiating any action against the defaulting UCB.