Shiv Shikhar, Tulsi cooperatives declared ‘problematic’

KATHMANDU: The Ministry of Land Management, Cooperatives, and Poverty Alleviation has declared two cooperatives as ‘problematic.’

In a statement released on Tuesday, the ministry declared Shiva Shikhar Multi-purpose Cooperative Society Limited of Bhaktapur and Tulsi Multi-purpose Cooperative Society Limited of Morang as problematic.

“These two cooperative organizations have been declared as ‘problematic’ on the recommendation of the Registrar of the Department of Cooperatives as they have been found not returning depositors’ money and operating in contrary to the rules, values, and spirit of the Cooperative Act,” the ministry said in the statement.

The ministry’s decision means that all matters related to the payment of these two organizations will now be handled by the Problematic Cooperatives Management Committee.

The department made the recommendations to declare these two organizations ‘problematic’ after receiving numerous complaints against their promoters.

With this announcement, the number of cooperatives declared as ‘problematic’ has reached 15.