The Hindu : Kerala News : Rubco loan default: Sudhakaran rules out probe

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Monday, Oct 01, 2007
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Kerala

Rubco loan default: Sudhakaran rules out probe

Staff Reporter

MALAPPURAM: Minister for Cooperation G. Sudhakaran has ruled out any investigation into the allegations of loan defaulting by Kerala State Rubber Cooperative Ltd. (Rubco).

The Minister said Rubco had availed itself of Rs.140 crore loan and that it was capable of repaying it. He said there was no controversy over repayment of Rubco loan as reported in the media.

Mr. Sudhakaran was talking to reporters after inaugurating the State Cooperative Ramzan Fair organised by the State Cooperative Department through the Kerala State Cooperative Consumers Federation (Consumerfed) here on Sunday.

The Minister said that investigations were needed into allegations of fraud by different cooperative societies. The new cooperative law, soon to be implemented in the State, will address the shortfalls leading to corruption in cooperative bodies, he said.

First sale

T.K. Hamza, MP, inaugurated the first sale. M. Ummer, MLA, presided over the function. Malappuram Municipal Chairman Kiliyamannil Yakoob; District Cooperative Bank president M. Abdulla; Consumerfed vice-president V. Rajasekharan Nair; and Consumerfed executive director P. Nandakumar were among those who offered felicitations.

Consumerfed has launched 575 cooperative Ramzan fairs throughout the State. As many as 200 of them are in Malappuram district.

In Kannur, Kozhikode, Kasaragod and Palakkad districts, there are 50 Ramzan fairs each.

In Thiruvananthapuram, Kollam, Alappuzha, Kottayam, Ernakulam and Thrissur district, Consumerfed has opened 25 outlets each. There are 10 Ramzan fairs in Pathanamthitta and Idukki districts, and five in Wayanad district.

Government subsidy

Consumerfed has made available 25 items at its Ramzan fairs, including 13 items with government subsidy. Jaya rice is available at Rs.13.50, Kuruva and Matta rice at Rs.12.50, Biriyani rice at Rs.27 and Rs.18, sugar at Rs.13.80, coconut oil at Rs.58, palmolein at Rs.44, green peas at Rs.20, mustard at Rs.22, chilly at Rs.47, and coriander at Rs.33.50. Consumerfed officials said all other items were made available at minimum 10 per cent less than the market rate. The fairs will continue till October 13.

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