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Multi State Co-operative Societies act 2002 has not given any power to banks for auctioning mortgaged properties, but Goa State co-operative bank has auctioned various properties. As per multi state co-operative act bank can auction various mortgaged properties through district court. From 2002 to 2012 The Goa State co-operative bank has auctioned crores of rupees mortgaged properties. Bank has also used Ashoka emblem on the sale deeds without obtaining permission from the government.
With coming into force of the 2002 multi state co-operative act, the arbitrators appointed by registrar by Co-operative society Govt of Goa under section of the 84 of the said act to decide on dispute refereed to them by Goa State co-operative bank limited.
For the award passed by the arbitrators the provision of arbitration and conciliation act 1996 were applicable, in-spite of the same sales and recovery officers of the Goa State co-op bank in the pretext of recovery went on rampantly auctioning all the mortgaged property since year 2002 to 2012 till they were stopped by registrar of co-operative societies at the instance of law department.
Shockingly all the mortgaged properties were sold under section 94 of multi state co-operative 2002 act and the sale certificate of the auction properties registrar in the various sub registrar offices under same section claiming to have been authorized by the registrar of co-operative societies. But documents available with Prudent shows that the registrar of co-operative societies has denied delegating any such power under multi state co-operative societies act 2002 to the bank officers and that the awards passed by the arbitrators under section 84 can not be executed under section 94 of the said act. If bank want to auctioned mortgaged properties then it could have executed award through district court. But in case of Goa state co-operative bank, it has executed award itself violating Multi state co-operative act.
Further documents with Prudent also shows that on the sales certificate the sale and recovery officers of bank have affixed officials rubber of registrar co-operative societies of govt of Goa with Ashoka emblem. Bank has agreed to have prepared the said rubber seals and the record of the same destroyed being the period of 10 years as per the RBI instructions. But the registrar of co-operative societies have denied of giving approval for the bank for use of its officials rubber seals.
In 2013 the law department advised the state govt that under 2002 multi state co-op act Bank has no power to auction mortgaged properties. From 2002 till 2012 allegedly bank has illegally auctioned the various mortgaged properties resulting in multi crores auction scam.
The irregularities in the co-operative bank has been not new to Goa’s co-operative sector. The Judicial inquiry of Goa State Co-operative Bank has been ordered by Goa government. Prudent has access the some crucial documents in which bank had sold the bank properties in pea nuts. The issue of multi crores scam in Goa State co-operative bank has been largely debated in the 2016 August assembly session. After that state has appointed a one -man inquiry commission to probe alleged multi crore scam.