Panic spread among depositors across Goa after the Office of the Registrar of Cooperative Societies (RCS), Panjim, abruptly withdrew and cancelled, with immediate effect, the No Objection Certificate (NOC) granted to Tirumalla Tirupati Mul tistate Co-operative Cred it Society Ltd, effectively freezing its expansion and operations in the State. The cancellation, or dered by RCS and Ex-Of ficio Additional Secretary (Cooperation) Ashutosh R Apte, follows inspections and statutory proceedings that exposed what offi cials described as serious, repeated and wilful viola tions of cooperative laws and regulatory directions by the society. According to the RCS, the society failed to submit au dited financial statements as mandated under law, re peatedly obstructed statuto ry inspections, violated the explicit terms under which the NOC was granted, and ignored multiple notices issued by the regulator. De spite due service of notices, the society failed to appear before the RCS, raising fur ther red flags over its gov ernance and transparency. More alarmingly, while permission had been grant ed to open 13 branches in Goa, official reports re vealed that the society had opened 17 branches, ex ceeding the approved limit. During audit visits, officials found that account books were not produced for ver ification, deepening concerns over the handling of public funds. A show-cause notice issued thereafter elicited no response from the society. “The society has been barred from accepting fresh de posits or granting loans with immediate effect, though depositors will be allowed to withdraw their money,” Apte said. The announcement triggered widespread anxiety, with customers fearing delays, restrictions, or worse. “I am in shock. I deposited my hard-earned money with them. Now we are completely unsure if or when we will get it back. We are at the mercy of the society,” said Pravin, a depositor. Alwyn Fernandes from Aldona, who holds a fixed deposit with the society, said the news left him deeply distressed. “The first thing tomorrow morning I will try to withdraw my money. I don’t know what will happen. I’m extremely stressed.” Another depositor, Santosh Naik, warned of a possible run on branches. “Tomorrow could turn into panic as peo ple rush to withdraw funds. Whether the deposit is small or large, this is a shock. I just hope the authorities can keep the situation under control and ensure everyone gets their money back.” In an attempt to calm public fears, Apte said there was “no cause for panic” and assured that proactive steps had been taken to protect depositors’ interests. He urged the public to exercise caution and conduct due diligence before engaging in financial transactions with cooperative socie ties. Tirumalla Tirupati Multistate Co-operative Credit Socie ty Ltd became a multistate cooperative in 2013 and was permitted to operate across several Indian states. It opened its first branch in Goa in 2014. However, the sudden regula tory crackdown has now cast a long shadow over its opera tions in the State, leaving thousands of depositors anxious about the safety of their savings.
Registrar cancels Tirumalla Tirupati Cooperative’s NOC
