UCBs AGMs with less than 50 members can be held offline

MUMBAI: In view of a spike in COVID-19 cases, the Maharashtra government, on Thursday, issued a notification, whereby the annual general meetings of urban cooperative banks (UCBs) and cooperative housing societies (CHS) with less than 50 members can take place offline. However, those having above 50 members will have to be conducted through video conference or other audio-visual means. The notification was issued by the cooperation department desk officer Anil Chaudhari. He has, however, underlined that it will be the sole responsibility of UCBs and CHS to maintain all the records of the annual general meetings (AGMs). Chaudhari, in a notification, said it is binding on UCBs and CHS to hold AGMs within six months since the completion of the financial year as per the Section 75 of the Maharashtra Cooperative Societies Act, 1960. However, the government has amended Section 75 due to the present coronavirus pandemic. -