Section 18A(7) in The Maharashtra Cooperative Societies Rules, 1961
(7)He shall be held liable for any irregularities which might be discovered in the course or as a result of audit or otherwise in respect of transaction subsequent to his taking over the charge as Official Assignee and may be proceeded against as if it were an act against which action should be taken under Section 88.Provided that no such action shall be taken unless the irregularities have caused or likely to cause the loss, damage and have occurred due to gross negligence or an act of omission or commission in carrying out duties and functions assigned to him.
