Kathmandu. The government has given a 15-day ultimatum to the borrowers of 11 cooperatives declared to be in trouble to pay the principal and interest.
Issuing a notice today, the Office of the Troubled Cooperative Management Committee under the Ministry of Land Management, Cooperatives and Poverty Alleviation issued an ultimatum to the borrowers to pay the principal, interest and compensation to the committee office in Buddhanagar, Kathmandu within 15 days. The committee has warned that if the loan is not settled within the stipulated time, it will make public the names and details of the borrowers along with their names, write to the bodies concerned to freeze the loan, property of the borrowers and their family members, bank accounts as well as public facilities.
Besides, the committee has decided to take action against the cooperatives by making public the details of the borrowers and guarantors by recovering all the outstanding dues of the cooperatives while taking loans as per the Cooperative Act-2074 BS and the Cooperative Rules-2075 BS.
The committee published the notice after the directors, borrowers, managers, employees and guarantors of these cooperatives declared to be in trouble were informed time and again through the website of the office and national daily through SMS, phone and other means of repaying the loan.
