Team Goemkarponn
Panaji: Amid growing concerns among depositors and a rush to withdraw funds, the State government clarified that the withdrawal of the No Objection Certificate (NOC) granted to Tirumalla Tirupati Multistate Co-operative Credit Society Ltd was a precautionary step taken in the interest of investors.
Officials stated that the decision followed a regulatory review and an inspection conducted by the Office of the Registrar of Co-operative Societies, Goa. The action pertains specifically to the cancellation of permission granted to the society to operate and expand 13 branches in the State. Depositors have been given the choice to either withdraw their deposits or continue with their existing investments.
The NOC, earlier issued through official communications dated July 31, 2014, and June 28, 2018, enabling the society to expand its operations in Goa, was revoked with immediate effect after the inspection reportedly revealed multiple irregularities. The society is headquartered in Mumbai and operates branches across Goa, Maharashtra and Karnataka.
Registrar of Co-operative Societies Ashutosh Apte said the government’s move was aimed at preventing potential losses to investors. “This is a preventive and investor-friendly action. There is no immediate threat to depositors’ funds,” Apte said, adding that such steps are often taken to avoid situations where authorities act only after investors suffer losses.
He also said the government has issued an advisory urging the public to exercise caution while dealing with the society. “Investors are at liberty to decide whether they want to withdraw their deposits or continue their investments,” he noted.
In Goa, the society operates branches in areas including Ponda, Quepem, Mapusa, Canacona and Calangute.
According to Apte, the inspection revealed continued failure to comply with statutory and regulatory obligations. These included non-submission of audited financial statements, lack of cooperation during official inspections, violation of NOC conditions and failure to respond to notices issued by the Registrar’s office.
“In the absence of audited financial records, it is difficult for us to determine the total investment exposure of the society. Despite repeated efforts, there has been no response from the management,” Apte said. He added that preliminary information suggests the society’s total investments across three States could be around ₹1,600 crore.
On the possibility of police action, Apte clarified that the matter is currently being addressed through civil proceedings. “If any evidence of financial wrongdoing or misappropriation is found, appropriate criminal action will be initiated,” he said.
