The metropolis is prepared to take legal action if the annual report is not submitted for a long time under various pretexts.
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There are about 1,900 cooperatives operating in Kathmandu Metropolitan City. Of the cooperatives in operation, only about 38 percent have submitted reports.
The high number of cooperatives that do not submit reports regularly means that there are problems in such cooperatives. According to the Metropolitan Cooperative Department, out of about 1,900 cooperatives operating in its jurisdiction, only 723 have submitted annual reports regularly.
According to the head of the department, Dhubra Kumar Kafle, the metropolis has repeatedly requested them to submit annual reports regularly. The metropolis is prepared to take legal action if they do not submit annual reports for a long time on various pretexts.
'How many cooperatives do not come into contact, how many do not do so because they have been subject to action?' "There is a practice of cooperatives that have disbursed loans illegally not submitting reports regularly," he said. "Those cooperatives have already been instructed to immediately hold an annual general meeting and submit the audit report, the decision of the general meeting, and the annual report to the KMC Cooperative Department."
According to him, taking cooperatives that have not submitted their general meeting reports for a long time to the liquidation process will result in embezzlement of savers' money, so the metropolis is going to proceed with the report first and then the liquidation process.
