12. Appointment of Implementation Secretariat, any other Committee etc. to assist and advise the Registrar
: - It shall be within the competence of the Registrar to appoint the implementation Secretariat or any other committee, consultant or adviser having the requisite expertise or experience to assist and advise him for the purpose of all or any of the matters mentioned in sub-section (3) of Section 12-A of the Act.Form I[Rule 3]Whereas, the share capital structure of ............. Limited the society) is as under:Authorised share capitalPaid up share capital(i)Government's contribution:(ii)Other Member's contribution:The details of the total outstanding loans borrowed by the society and the loan(s) advanced by the Government are given below:
The details of the total outstanding guarantees issued on behalf of the society and the guarantees issued by the Government are given below:
Thus the majority of shares in the society are held by the Government/ the loan(s) exceeding 50% of the total loans borrowed by the society are advanced by the Government/liabilities by way of guarantee for borrowing (including working capital borrowing) exceeding 50% of the total borrowings of the society are undertaken by the Government.Whereas, the trend of operations of the unit(s) of the society for the past few years is on the decline as can be seen from the following figures
Whereas, the financial position of the society is deteriorating year after year and the society has been continuously incurring losses over the last several years due to ..............., as can be seen from the following figures:
The accumulated losses of the society amounted to Rs. ................lakhs as against the paid up share capital of Rs. .......... as on........... The society has no free reserves/has free reserves to the extent of Rs. ..................... Based on the above, the net worth of the society is totally eroded/more than 50% of the net worth of the Society is eroded and it has become sick.The society has to make huge outstanding payments/bills to various creditors which are pending for payment as on ............., the details whereof are given below:
Whereas, considering the huge accumulated losses, large outstanding payments/bills and the critical financial condition of the society, there is no scope for the revival of the Unit(s) of the society and the society cannot undertake its operations in a viable manner.Whereas, on the basis of the above information and data, I am satisfied (i) that majority of shares in the Society are held by the Government/loan(s) exceeding 50% of the total loans borrowed by the Society are advanced by the Government/liabilities by way of guarantee for borrowing (including working capital borrowing) exceeding 50% of the total borrowings of the Society are undertaken by the Government; (ii) that the Society has become sick/the Society cannot undertake its operations in a viable manner; and (iii) that there is no possibility to rehabilitate the same, and I intend to form an opinion accordingly, under sub-section (1) of Section 12-A of the Act.Now, therefore, I.............. in exercise of the powers conferred by clause (i) of sub-section (2) of Section 12A of the Act, hereby call upon you to communicate your objections or representations, if any, after duly placing the notice before the general body convened for the purpose as to why I should not form an opinion (i) that majority of shares in the Society are held by the Government/loan(s) exceeding 50% of the total loans borrowed by the Society are advanced by the Government/liabilities by way of guarantee for borrowing (including working capital borrowing) exceeding 50% of the total borrowings of the Society are undertaken by the Government, (ii) that the Society has become sick/the Society cannot undertake its operations in a viable manner, and (iii) that there is no possibility to rehabilitate the same, under sub-section (1) of Section 12A of the Act and take further action under the provisions of that section.Your objections or representations, if any, shall be communicated to me within four weeks from the date of receipt of this notice, failing which further action will be taken in the matter!as per the provisions of Section 12-A of the Act.Station:Date:SignatureOffice Seal:Form II[Rule 8]Whereas, I, before forming an opinion (i) that majority of shares in .................(the society) are held by the Government/loan(s) exceeding 50% of the total loans borrowed by the Society are advanced by the Government/ liabilities by way of guarantee for borrowing (including working capital borrowing) exceeding 50% of the total borrowings of the Society are undertaken by the Government, (ii) that the Society has become sick/the Society cannot undertake its operations in a viable manner and (iii) that there is no possibility to rehabilitate the same, and making an order under sub-section (1) of Section 12-A of the Act had given an opportunity to the society by calling upon it by notice dated..................... (in Form-I) to state its objections or make its representations, if any.Whereas, pursuant to the said notice, the society, by its letter dated .................communicated its objections or representations to me.Whereas, after considering the objections and representations received from the society, and on being satisfied that it is necessary in public interest to transfer the assets or assets and liabilities, in whole or in part, of the society to any other person and apply the sale proceeds towards discharge of its liabilities, I made an order accordingly under sub-section (1) of the Section 12-A of the Act.Whereas, I thereafter invited tenders/offers from the public to identify the person to whom, the assets or assets and liabilities of the society, in whole or in part, are to be transferred so as to get the best possible offer and to protect the interests of the shareholders and the financing bank, if any, to which the society is indebted. After evaluation of the offers received, the offer of ................ for Rs. ....................... has been identified as the best offer, having best satisfied the criteria specified in the call for tenders/offers.Whereas, I then consulted the Government and the financing bank to which the society is indebted by communicating the details of the person to whom the assets or assets and liabilities, in whole or in part, of the society, are intended to be transferred, the terms and conditions thereof and the manner in which the proceeds from the sale of assets will be applied.Whereas, after consulting the Government and the financing bank and having satisfied that the offer of..........for Rs................best satisfies the criteria specified in the call for tenders/offers, I have provisionally approved the above mentioned best offer for Rs..............from................for the assets, or assets and liabilities, in whole or in part, of the society and the terms and conditions of the transfer thereof.Now therefore, I .......................... in exercise of the powers conferred by clause (i) of sub-section (6) of Section 12-A of the Act, hereby call upon you to communicate your objections or representations, if any, after duly placing the notice before the general body convened for the purpose as to why I should not make an order directing (i) that the Committee of the society shall stand dissolved and (ii) that the assets, or assets and liabilities, in whole or in part, of the society shall be transferred in favour of ............., for Rs. ........................, being the person submitting the best offer, on fulfilment of the terms and conditions specified in the order.Station:Date:Signature:Office Seal:NotificationsCooperative Tribunals - Re-allocation of workload among the Tribunals of Hyderabad, Vijayawada, Visakhapatnam and Warangal[G.O.Ms. No. 150, A&C (Coop. 119 Department dated 09-06-2011]Read the following:-
