First Business News Portal in English from Nepal
KATHMANDU, June 28: Kathmandu Metropolitan City (KMC) has issued an instruction to all cooperatives operating within the metropolis, mandating them to submit comprehensive financial information within a 30-day timeframe.
The Cooperative Department of KMC has specifically requested cooperatives to furnish details pertaining to their general meetings, audit reports, and other pertinent information.
This directive comes in the wake of a crisis faced by several cooperatives, resulting in the closure of numerous businesses due to their inability to repay debts. Disturbingly, several cooperatives within the metropolitan area have been non-compliant with notifying general meetings and submitting audit reports.
In accordance with the cooperative act of the metropolis, the KMC has cautioned that strict actions will be taken if the required details are not submitted within 30 days from the date of the notice.
Mayor Shah has also taken to his official Facebook page to raise public awareness regarding this matter. He posted a status urging cooperatives to proactively mitigate financial risks and prevent crises within their respective organizations.
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