PONDA: The special general body of VPK Urban Cooperative Credit Society at Mardol, held at Farmagudi on Sunday decided to challenge the Cooperative Registrar order in court regarding the suspension of the managing director and removal of Board of Directors.
The Registrar of Cooperative Societies by an order directed the VPK society to suspend its managing director and remove of Board of Directors for gross mismanagement of the society.
Over 300 shareholders were present at the meeting, along with all the eleven Board of Directors.
The Chairman Surya Gaude welcomed the shareholders and read out agenda of meeting and also the show cause notice issued by the registrar of cooperative society.
He explained why the order was bad in law, referring to various sections of Goa Co-operative Act and subsequently the resolution was passed by the special general body meeting.
It was also decided that loan above Rs 25 lakh sanctioned in its 20th Annual General Body Meeting held on September 29, 2013 has been amended and the loand limited had been raised to Rs 1 crore.
