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The Maharashtra Cabinet in a meeting today approved an amendment to the Co-operative Societies Act to give the power of approval to the board of directors instead of the annual general meeting (AGM), a press statement issued by the Chief Minister's Office said.
The process of extending the deadline for holding AGMs of co-operatives societies has been extended until March 2021 due to the ongoing pandemic. However, delay in holding AGMs could lead to important matters of the societies getting deferred; therefore, the amendment has been brought in, the statement said.
Maharashtra has a large number of co-operatives societies that run sugar mills, milk dairies and cotton spinning units, which are an integral part of the rural economy. Farmers are members and shareholders of the co-operatives societies. Farm leaders sit on the boards of societies and take decisions on behalf of farmers.
The board of directors will have powers to approve the balance sheet, next year's financial statements and appointment of auditors. They will also have the power to fill vacancies on the board of directors by nomination from the members of the same category, the statement said.
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