2021 (5) TMI 83

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..... -State Cooperative Societies is governed by the provisions contained in Chapter X of the Act of 2002. If the Central Registrar on the basis of the audit, special audit, inquiry or inspection conducted under the provisions of the Act of 2002 is of the opinion that any society ought to be wound up may after giving the society a reasonable opportunity of making its representation, direct it to be wound up. The Central Registrar is also empowered to direct winding up of the society on his own motion. Thus, nothing prevented the aggrieved persons from approaching the Central Registrar to initiate the process for winding up of the society. The Enforcement Directorate has provisionally attached the properties of ACCSL, the society in liquidatio .....

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..... ure p/14) and hand over to respondent no.4 liquidator in order to reimbursement of the deposit/investment of the investor/depositor of ACCSL; b) may kindly be issue writ of mandatory or other appropriate writ, order, direction directing the respondent no.2 Central Ragistrar to initiate the process of winding up and appointment of liquidator under the provisions of MSCS Act, 2002 and Rules made thereunder against the respondent no.5-Arth Credit Cooperative Society Ltd; c) may kindly be issue an appropriate writ, order or direction may very kindly be directed to respondent no.1 and 2 to immediately to frame guidelines with regards to loopholes of the Multi State Co-coperative Society Act, 2002 as mention in 8.6 of the petition and t .....

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..... ement Directorate under the provisions of the Prevention of Money Laundering Act, 2002 ( PMLA ) and the same are not being released to the official liquidator. According to the petitioners, PMLA is not applicable to the societies registered under the Act of 2002 and thus, the Enforcement Directorate has no legal authority to freeze the assets and bank account of ACCSL. 4. It is pertinent to note that winding up of Multi-State Cooperative Societies is governed by the provisions contained in Chapter X of the Act of 2002. If the Central Registrar on the basis of the audit, special audit, inquiry or inspection conducted under the provisions of the Act of 2002 is of the opinion that any society ought to be wound up may after giving the societ .....

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