Team Goemkarponn
PANAJI: The Government of Goa has withdrawn and cancelled the permission/No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd. for operating 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 vide letters dated July 31, 2014 and June 28, 2018—which permitted extension of the society’s area of operation and opening of 13 branches in Goa—has been withdrawn following regulatory scrutiny and inspection.
The action was taken after inspection carried out by the Office of the Registrar of Co-operative Societies, Goa, under powers delegated to State Registrars for inspection of Multi-State Co-operative Societies operating within their territorial jurisdiction, as per Section 108 of the Multi-State Co-operative Societies Act, 2002, read with a circular issued by the Central Registrar of Co-operative Societies dated May 24, 2013.
The inspection and subsequent proceedings revealed serious and persistent non-compliance with statutory requirements and regulatory directions. These included non-submission of audited financial statements as required under law, non-cooperation with statutory inspection and verification processes, violation of the terms and conditions under which the NOC was granted, and failure to respond to or appear before the Registrar of Co-operative Societies despite due service of notices.
In view of the withdrawal of permission/NOC, the general public has been advised to take note of the regulatory status of the said society and to exercise due diligence and caution while undertaking any financial transactions or investments with it.
