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GMCC novel recovery drive

IN A novel method to recover huge outstanding dues from leading defaulters, the beleaguered Gujarat Mercantile Credit Cooperative (GMCC) has decided to visit each of such defaulters and in full public glare submit memorandum and demand repayment.

india Updated: Jan 09, 2006 17:24 IST

IN A novel method to recover huge outstanding dues from leading defaulters, the beleaguered Gujarat Mercantile Credit Cooperative (GMCC) has decided to visit each of such defaulters and in full public glare submit memorandum and demand repayment.

Launching the move, employees and ex-employees of the Cooperative along with their Managing Director Janak Gandhi visited the residence of Dr Ramesh Baheti today. Baheti’s STI group is a major defaulter. But as Dr Baheti was not available to receive the memorandum, being out of Indore the memorandum was submitted at his residence.

Gandhi speaking to media persons said that STI Group of companies owes Rs15 crore with interest. He said GMCC has to get nearly Rs.2.5 crore from Surendra Singh Garha and the Cooperative’s employees and ex- employees have decided to meet and submit a memorandum to him on Wednesday. Gandhi said after the recoveries are made depositors and savings account holders would be paid their dues and he was confident that the Cooperative would come back on tracks and every depositor’s money would be returned stage by stage.

Gandhi requested the members not to believe in rumours being spread by people who are not members of the Cooperative and whose aim is to take advantage of the situation and instigate the members to see that the Cooperative is closed.
He said after the closure of full transaction, ie from January 10, 2005 till December 31, 2005 the Cooperative has paid nearly Rs 14.5 crore to its depositors by way of adjusting the loan and other assets of the defaulters.

First Published: Jan 09, 2006 17:24 IST