Goa Authorities Cancel NOC for Tirumalla Tirupati Credit Society Over Serious Regulatory Violations
In a significant regulatory action, the no objection certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd has been cancelled with immediate effect by Goa authorities. This decision follows the discovery of grave and persistent non-compliance with statutory requirements and regulatory directions during recent inspections.
Background of the NOC and Its Cancellation
The NOC was originally issued in July 2014 and June 2018, permitting the credit society to expand its area of operation and open 13 branches across Goa. However, Ashutosh Apte, the registrar of co-operative societies, announced on Tuesday that this permission has been revoked due to multiple serious lapses identified by regulatory bodies.
Key Regulatory Violations Uncovered
During the inspections, several critical failures were documented:
- Failure to submit audited financial statements as required by law.
- Lack of cooperation with statutory inspections and verification processes.
- Violation of terms and conditions outlined in the NOC agreement.
- Non-appearance of officials before the registrar despite multiple notices being issued.
These breaches highlight a pattern of disregard for regulatory frameworks designed to protect consumers and ensure financial stability.
Immediate Impact on Operations and Public Advisory
With the cancellation of the NOC, the credit society no longer has permission to operate its 13 branches in Goa. In response, the government has issued a public caution, urging individuals to take note of the society's changed regulatory status.
Ashutosh Apte emphasized that customers must exercise due diligence and extreme caution before engaging in any financial transactions or investments with the society. He advised that if there are any grievances, disputes, or clarifications needed, people should approach competent authorities directly for resolution.
Broader Implications for Co-operative Societies in India
This case underscores the importance of regulatory compliance in India's co-operative sector, which plays a vital role in financial inclusion. Authorities are increasingly vigilant in enforcing standards to prevent malpractices and protect public interests. The cancellation serves as a stark reminder to all financial institutions about the consequences of neglecting statutory obligations.
As the situation develops, stakeholders are encouraged to stay informed through official channels and prioritize safety in their financial dealings.
