KATHMANDU, JUNE 28
Kathmandu Metropolitan City (KMC) has issued an instruction to all cooperatives operating within the city limits, requiring them to submit comprehensive information within a 30-day period.
The cooperative department of KMC released a notice on Wednesday, instructing cooperatives to provide details such as general meeting records and audit reports.
According to the notice, which cites Section 28, Sub-section 2 of the Kathmandu Metropolitan City Cooperative Act, 2074, it is mandatory for the cooperatives to convene their general assembly within six months after the completion of each financial year. Furthermore, as per Section 54, Sub-section 1, a licensed auditor must conduct the financial audit within three months after the end of the financial year, and the cooperatives are required to submit the specified details mentioned in Section 52. However, despite these clear requirements, some cooperatives have failed to provide timely information regarding their general meetings and audits, prompting the issuance of this notice by KMC, notice said.
Failure to comply with the directive may result in legal repercussions for non-compliant cooperatives, KMC warned.
