Kathmandu. The Office of the Troubled Cooperative Management Committee has assigned the directors, borrowers, managers and employees of the 19 cooperatives declared to be problematic to repay the loans.

The office has given time to the directors, borrowers, managers and employees of 19 co-operative societies to repay the loans till mid-June.

The Office has written to the Ministry of Land Management, Cooperatives and Poverty Alleviation for the management of assets and liabilities of the cooperative societies declared problematic as per Section 10 of the Cooperative Act, 2074 BS.

The directors, debtors, managers and employees of 19 cooperatives have not paid their obligations even after repeatedly publishing public notices. This is the last time it has been given a chance.

If the liability is not cleared within the stipulated time, then the principal, interest and compensation will also be counted on the loan and recovery will start from July 1.

So far, the government has declared 19 savings and credit cooperatives as problematic. These cooperatives have cheated savers of billions of rupees. In which – Pacific Savings and Investment Co-operative Limited

Prabhu Savings and Credit Co-operative Society, Oriental Co-operative, Gorkha Savings and Credit Co-operative Society.

Standard Savings and Credit Cooperative, Pashupati Saving and Credit Cooperative, Shivshikhar Multipurpose Cooperative Society, Nepal Cooperative Financial Institution, Lunibha Multipurpose Co-operative Society, Hamro New Agricultural Cooperative Society, Agricultural Development Multipurpose Cooperative Society and Social Multipurpose Cooperative Society.

Similarly, Vegas Savings and Credit Co-operative Society, Tulsi Multipurpose Co-operative Society, Sri Laliguras Multipurpose Co-operative Society, Consumer Savings and Loan Co-operative Society, Kohinoor Hill Savings and Credit Cooperative, Kantipur Savings and Credit Cooperative Society and Gautam Shree Multipurpose Co-operative Society Limited.