Maharashtra to Deregister Non-functional Coop Banks
The registrar of cooperative societies at Mumbai has begun the process of deregistration of cooperative banks, which have remained non-functional for over 10 years, with no sign of revival, under the provisions of the Maharashtra Co-operative Societies Act, 1960.
 
Under section 84 of the above act, the books of the indebted society are inspected and under section 103, a liquidator is appointed to take stock of the liabilities, assets, and depositors’ claims as part of the wind-up procedure. Now the respective deputy registrars of cooperative societies from Mumbai have been asked to submit reports by the current month-end to the commissioner, cooperatives so that further action can be taken. 
 
The Reserve Bank of India (RBI) has already cancelled banking licences of these banks. Some of the banks facing deregistration include: Metropolitan Co-operative Bank Ltd, Mumbai (date of liquidation by RBI -20 June 1992), Chetna Co-operative Bank Ltd., Mumbai (date of liquidation 1 December 1994), Swastik Janata Sahakari Bank Ltd., Mumbai (date of liquidation -14 December 1994), Mafatlal Engg. Employees Co-operative Bank Ltd., (date of liquidation – 31 March 2002),...
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COMMENTS

SRINIVAS SHENOY

1 week ago

Mismanagement of the banks alongwith political interference should be dealt with sternly in the interests of the depositors and for the health of the banking sector.

PNB fraud: Interpol issues red corner notice against Nirav's sister
Interpol has issued a red corner notice (RCN) against Purvi Deepak Modi, sister of fugitive diamantaire Nirav Modi who is wanted in the Rs13,500 crore Punjab National Bank (PNB) fraud case, officials said on Monday.
 
According to the Enforcement Directorate (ED) the Interpol issued the RCN against Purvi Modi on the charge of money laundering, as requested by it.
 
In August, a special court in Mumbai had issued public summons to Nirav Modi's sister Purvi and brother Neeshal, who are Belgian citizens, to appear before it on September 25. The court also said that if they fail to appear then their properties would be confiscated under the newly enacted fugitive offenders act.
 
According to ED officials, Purvi Modi and other family members of Nirav Modi were the recipients of the proceeds of the crime.
 
Last week, Interpol issued a RCN against Nirav Modi's close aide Mihir Bhansali in connection with the case.
 
Bhansali, who was an executive in Nirav Modi's Firestar International firm, is absconding since the probe started in the alleged $2 billion PNB fraud case.
 
The RCN is issued to seek the location and arrest of wanted...

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Sustained rupee falling credit-negative for Indian companies: Moody's
The ongoing free fall of the rupee against the US dollar is credit negative for Indian companies, especially for those that generate revenue in rupees but rely on dollar debt to fund their operations and have substantial dollar-based expenses, Moody's Investors Service said on Monday.
 
The American credit rating agency's report on the weakening rupee was published on the day the Indian currency touched a new low of 72.67 on Monday, depreciating by almost a rupee from its previous close of 71.73 per US dollar. The rupee has depreciated 13 per cent so far this year against the dollar. 
 
"A sustained "weakening of the rupee would be credit negative for its rated Indian companies, particularly those that generate revenue in rupees but rely on the US dollar debt to fund their operations and have significant dollar-based costs, including capital expenses," Moody's said."
 
However, of the 24 Moody's-rated India-based corporates across the high-yield and investment-grade categories, 12 generate most of their revenue in US dollars or have contracts priced in the greenback, providing a natural hedge, and thus limiting the effect a weakening in the rupee...
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