KL Hariharan, Mumbai Dear Sir, My share certificate allotted by the Co-op. Hsg. Society in Mumbai stands in the name of 3 of my family members.  If a person dies, what the MCS Act says about the ownership of other two members in the Society. I C Naik A member of a CHS holds shares jointly with two other members of his family whose names stand at number 2 and 3 and he dies. How is the ownership of the flat governed under the M. C. S. Act 1960? Answer 1.   Society’s action in the event of ...

The Cosmos Co-Operative Bank Ltd. received NFS operational excellence Award from National Payment Corporation of India (NPCI) recently in special function held in Mumbai, for second consecutive year. NFS operational excellence Award was received by Vikrant Ponkshe Chief Executive Officer (CEO) and Joint Managing Director, Cosmos Bank from Mr Vijay Chaugh, Chief General Manager, Department of Payments & Settlement Systems- Reserve Bank of India (RBI). Himani Gokhale, Joint Managing ...

The Reserve Bank of India has imposed a monetary penalty on the Town Co-operative Bank based in Hoskote, Karnataka. The co-op bank was found guilty of acquiring and using non-banking asset in violation of Sections 6 and 9 of the Banking Regulation Act, 1949. It was also found violating RBI’s directives on loans and advances to directors, their relatives and firms and concerns in which the directors are interested. The Reserve Bank of India had earlier issued a show cause notice to the bank, ...

97th Constitutional Amendment Act imposes a ban on the State’s power of appointing administrators to manage a Cooperative Society by dismissing an elected Committee, in cases where the concerned society has not obtained any financial support of the Government in any manner- equity capital or loan or guarantee to any borrowings. This new Constitutional diktat seems to have not percolated down the hierarchy of the Cooperative Department in the State of Maharashtra. Especially dismissal of ...