Kathmandu. KATHMANDU: The Kathmandu Metropolitan City (KMC) has said it will not allow the cooperatives operating under its jurisdiction to be scrapped until they submit their annual general meeting report.

The KMC has already directed these cooperatives to immediately hold the annual general meeting and submit the audit report, the decision of the general meeting and the annual report to the Cooperatives Department of the KMC.

KMC Cooperatives Department Chief Mahesh Kumar Kafle said the KMC is to proceed with the process of scrapping the cooperatives that have not submitted their general assembly report for a long time as the money of savers will be embezzled if they are taken to the process of redemption.

Any cooperative that comes to the process of liquidation should first confirm the savers who have saved the money in the cooperative, and the financial transactions should also be confirmed.

KMC had issued a notice two months ago warning of action against cooperatives not submitting its report on time.

Currently, around 2,900 cooperatives are in operation in KMC.