Vatsagulma Go-op Socy deafulaters asked to pay up or face action

Vatsagulma Go-op Socy deafulaters asked to pay up or face action

VATSAGULMA Credit Co-operative society Limited. Washim is under liquidation and Dnyancsbwar KhiJc. Disirkl Dcputi Registrar. Cooperative Societies, has taken over he charge as Chief Liquidator to the Credit Society since November 2013. Klndc has issued a press release here warning the defaluters the bank to repay their loam or face action.

In may be mentioned here that Vatsagulma Credit Co-operative Society Limited. Washim had run into trouble in 2005-06 and an admnistrator was appointed filed  it In 2008. The loan disbursement and lacunae in its recovery put the society ina pickle. later in 2010. the society was liquidated. The society has many defaulter clients who are under the impression  that they do notbhave to repay as the society in under liquidation not However. Khade has clarified that such persons could lace action The Deputy Registrar has further mentioned that the 'no-dues' letter given by directors and employees of the society to many clients it illegal and the original receipt should be submitted for checking. If the former customers do not have this reciept. the 'no-dues' letter will not he considered valid
it may he noted that the It-pal process of initiating against 100 big defaulters of the society is in its last lap. The release further informed that the defaulters should contact Society's Recovery Officers V S Bhisade or A L Deshmukh at the earliest.

Posted in: News 2014