Karnataka - Madikeri   

Co-op. bodies have to repay Rs. 7.47 cr. loan

Madikeri: The progress in recovery of loans given to government-owned enterprises and departments in Kodagu in the form of investments, entrusted to the Department of Investment Tracking and Realisation, Small Savings and State Lottery, has remained tardy.

Correspondence by the department with the defaulting bodies to repay loans has evoked poor response.

Of the Rs. 8-crore loan, which is expected to be recovered from different departments in Kodagu, the Department of Cooperation owed to Government Rs. 7.47 crore, Rs. 5.07 crore in the form of shares and Rs. 2.40 crore as loan, Rajashekaraiah, Assistant Director of the Department of Investment Tracking and Realisation, Small Savings and State Lottery, Kodagu, told The Hindu.

The Khadi and Village Industries Commission owed Rs. 33.26 lakh, Department of Industries and Commerce Rs. 15.23 lakh and Department of Physically Handicapped Rs. 4.12 lakh as on March 31, 2007, he said. Efforts made to gather information on loans from these departments during 2007-08 evoked poor response, Mr. Rajashekaraiah said.

After persuasion, the department could recover Rs. 6 lakh from the Department of Cooperation since December 2007, he said. Apart from this, the Kodagu Orange Growers’ Cooperative Society had obtained loans of Rs. 13 lakh from the State Bank of India and Rs. 6.75 lakh from the Kodagu District Cooperative Central Bank with government guarantee. They were outstanding since 1981.

There were two types of cooperative shares, redeemable and non-redeemable. In the first category, if the societies posted profits, they could repay government loans. In the second, in the event of profits, only dividends accrued to the government share. Information would be collected from all departments, which had borrowed loans, on the dues and payments made to the Government. A report would be submitted to the Government recommending recovery. In Madikeri taluk, in terms of shares, 37 cooperative institutions owed to Government Rs. 3.33 crore and 19 institutions owed loans of Rs. 80.27 lakh. In Virajpet, 35 institutions owed shares of Rs. 92 lakh and 18 institutions loans to the tune of Rs. 1.42 crore, while in Somwarpet, 35 institutions owed shares of Rs. 61.64 lakh and 19 bodies loans to the tune of Rs. 18.64 lakh, Mr. Rajashekaraiah said.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

SAP to be introduced in State on July 21
Co-op. bodies have to repay Rs. 7.47 cr. loan
Headmistress suspended for assaulting teacher
Target for kharif cultivation in Kodagu is 39,250 hectares

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu