The Government of Goa has withdrawn and cancelled the permission and No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd. to operate in the State, with immediate effect.
According to a press note issued by the Office of the Registrar of Co-operative Societies, Goa, the NOC earlier granted through letters dated July 31, 2014, and June 28, 2018 has been revoked following regulatory scrutiny and inspection. The permission had allowed the society to extend its area of operation and open 13 branches across Goa.
The decision followed an inspection conducted by the Office of the Registrar of Co-operative Societies, Goa, under powers delegated to State Registrars to inspect Multi-State Co-operative Societies functioning within their territorial jurisdiction. The inspection was carried out under Section 108 of the Multi-State Co-operative Societies Act, 2002, read with a circular issued by the Central Registrar of Co-operative Societies on May 24, 2013.
The inspection and subsequent proceedings revealed serious and continued non-compliance with statutory provisions and regulatory directions. The lapses included failure to submit audited financial statements as mandated by law, lack of cooperation during statutory inspection and verification, violation of the conditions under which the NOC was granted, and failure to respond to notices or appear before the Registrar of Co-operative Societies despite due service.
In view of the withdrawal of the permission and NOC, the general public has been advised to take note of the society’s regulatory status and to exercise due diligence and caution before entering into any financial transactions or investments with the said co-operative society.
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