MARCH 13: Shree Laligurans Multipurpose Cooperative located at Pulchowk in Lalitpur has been declared problematic. Releasing a press release yesterday, the Ministry of Land Management, Cooperatives and Poverty Alleviation, declared so.
As per the Sub-Section (2) of Section (104) of the Cooperative Act 2074 B.S, Laligurans Multipurpose Cooperative was termed problematic with the recommendation made by the Department of Cooperatives.
The company was found to be violating the act by refusing to return the money of common depositors. According to reports, its promoters along with Chief Executive Officer Surendra Bhandari have been using deposit amounts to invest in their private ventures. Such ventures are Laligunrans Hospital, Jay Laligurans Investment & Trading Company, Bhairawakund Hydropower, Shree Laligurans National Higher Secondary School, etc.
According to the ministry, the task of managing the assets and liability of the troubled company has been handed over to the Committee for Managing Problematic Cooperatives.
