In a major development, the agri co-op NACOF, which fashions itself on the lines of NCCF and Nafed has cleared all dues that it owed to the co-op lender NCDC. The news has brought huge relief to the shareholders as well as to the Board members of the co-op body.
In a press release mailed by Nacof MD V K Kohli, the agri co-op says “NACOF had borrowed loan amounting to Rs.99.30 crore from NCDC as Working Capital Assistance for the procurement of Paddy in Ranchi during 2016 17 and development of business of NACOF in other States.”
The release further adds that “Due to unavoidable reasons, NACOF could not pay its dues to NCDC in time. Now, as per Order of the Central Registrar of Cooperative Societies allowing NACOF to pay the principal amount with simple interest to NCDC upto 30.9.2021. “
“In this connection, it is informed that NACOF has already paid an amount of Rs 1,08,54,69,499- to NCDC which includes principal amount plus the simple interest”, concluded the release.
Talking to Indian Cooperative Ram Iqbal Singh who is the main face of Nacof said “we have obeyed the directive of the Central Registrar and cleared all dues. We had been given a deadline of September 30 but we paid the whole amount along with interest in July only”.
It bears recall that on the complaint of NCDC, the Central Registrar of Cooperative Societies Vivek Aggarwal had directed NACOF in April 2021 to repay the principal amount along with the interest to NCDC within six months and asked NCDC to waive off the penal interest.
Ram Iqbal Singh also said the Nacof has done spectacularly well this year despite Covid compulsions. “We have earned a profit of more than Rs 7.65 crore and did a business to the turnover of Rs 2000 crore”, said Singh.
Singh who is a former NCCF Chairman said that Nacof has done well compared to NCCF and Kendriya Bhandar, similar players in the field. “We compete through tenders and as we have no other support, said Singh adding that the Nacof team has some of the best men from cooperatives working for them.