Bhubaneswar: The Odisha government has dissolved the managing committees of two cooperative bodies in the state following allegations of financial irregularities.
Official sources said that two separate orders were issued for the dissolution of managing committee of the Odisha State Cooperative Bank (OSCB) and Odisha Cooperative Housing Corporation (OCHC).
Notably, the OSCB in Bhubaneswar happens to be an apex cooperative society and a premier cooperative bank in the state.
Following allegations of misappropriation of money by the OSCB president, the matter was investigated. It was found that there was inaction on the part of the managing committee. As the bank was not functioning as per the provisions of the OCS Act, 1961, the committee was placed under suspension with immediate effect, sources said.
During the suspension of the committee, the Commissioner-cum-Secretary of the Cooperation department will manage the affairs of the OSCB until further order.
Similarly, it was alleged that the managing committee of OCHC committed irregularities and failed to function in the interest of the members. Therefore, the OCHC committee was also suspended.
Cooperation department additional secretary has been appointed as the administrator to manage the affairs of the OCHC until further orders, the sources added.
