Commissioner Secretary, Cooperatives, Yasha Mudgal on Wednesday chaired a review meeting at Civil Secretariat here to evaluate the current operational status and liquidation roadmap of the Jammu & Kashmir State Cooperative Agriculture and Rural Development Bank (J&KSCARD Bank).
The meeting was attended by Registrar Cooperative Societies, J&K, Mohammad Shafiq Chak; Special Secretary, Cooperatives, Ulfat Jabeen; Director Finance, Cooperative department, other senior officers of the department, representatives from the Finance department and NABARD.
During the meeting, Registrar Cooperative Societies presented a comprehensive update on the Bank’s status and future roadmap for the progress of its liquidation process, being carried out in accordance with the provisions of the Jammu & Kashmir Cooperative Societies Act, 1989.
He also informed the meeting that the process of appointing a panel of liquidators is in the final stages of preparation. Addressing the officers during the meeting, Yasha Mudgal emphasized that the liquidation must proceed in a transparent, systematic and strictly time-bound manner, with full compliance to all statutory procedures and legal requirements.
She directed the concerned officers to ensure that the appointed liquidators immediately undertake a thorough assessment of Bank’s assets, liabilities, records, and finalize the proceedings within the stipulated timeframe. The Commissioner Secretary underscored the paramount importance of protecting the interests of all stakeholders, particularly depositors.
She issued strict instructions for maintaining meticulous documentation, completing full financial reconciliation and ensuring adherence to all applicable legal provisions at every stage. Yasha Mudgal also called for close coordination among the Cooperative department, Finance department and other relevant agencies like NABARD, to enable smooth, efficient and timely execution of the liquidation process.
She also called for expeditious completion of all pending formalities related to the appointment of liquidators, so that the proceedings can commence at the earliest and conclude within a structured and time-bound framework.