Section 37 - Amendment of section 104 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 104. 37 . In section 104 of the principal Act, (a) in sub-section (1), (i) after the words furnishing false information , the words or failing to file any return or information shall be inserted; (ii) for the words two thousand rupees , the words five thousand rupees shall be substituted; (iii) for the words ten thousand rupees , the words one lakh rupees shall be substituted; (b) in sub-section (2), for the words five thousand rupees , the words ten thousand rupees shall be substituted; (c) in sub-section (3), (i) after the word and figures section 89 , the words and figures or to a person required to file return under section 120 shall be inserted; (ii) for the words two thousand rupees , the words five thousand rupees shall be substituted; (iii) for the words five thousand rupees , the words ten thousand rupees shall be substituted; (d) in sub-section (4), (i) in clause (h), after the words to any person , the words or receives such gift, promise or gratification shall be inserted; (ii) in the long line, occurring after sub-clause (iii) of clause (h), after the words or with both , the words and shall also be debarred from contesting elections for a period of three years shall be inserted; (e) after sub-section (4), the following sub-section shall be inserted, namely: (5) Where a multi-State co-operative society, (a) which is required to provide an explanation or make a statement during the course of inspection, inquiry or investigation, destroys, mutilates or falsifies, or conceals or tampers or unauthorisedly removes, or causes the destruction, mutilation or falsification or concealment or tampering or unauthorised removal of, any document relating to the property, assets or affairs of the society or makes or causes to make a false entry in any document concerning the society; (b) makes any investment in contravention of the provision of section 64 or the bye-laws made under this Act; (c) causes unlawful loss to the assets and property of the society; or (d) causes unlawful loss to the depositor, the board of directors or the responsible officers of the multi-State co-operative society shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to one year or with fine which shall not be less than five thousand rupees but may extend to one lakh rupees or with both. (6) Where the board of directors or officers of the multi-State co-operative society receive any unlawful gains while transacting matters related to such society or utilise any assets of the society for personal unlawful gains, such directors or officers concerned shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to one year or with fine which shall not be less than five thousand rupees but may extend to one lakh rupees or with both and the proceeds of such unlawful gains shall be recovered from them and deposited in such manner as may be prescribed. .