cheque return against due payment and no payment on maturity of FD

A G Vahora (Querist) 16 July 2011 This query is : Resolved
I am the member of credit society of govt. servent. Credit society firmed by govt. servent and administrated by elceted body from govt.servent. From last 1.5 years many of the members can not get payment of their various dues including maturity of FD. What shall we do/
One of the member had received the cheque against payment of Rs.65000 but the cheque returned from bank indicating reson - "exceeds arrangement". Actualy computerised statement shows the reson-"opening balance insufficient" but it is manualy correted by accountant as "exceeds arrangement".
what he can do?

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KAMARAJ BHARATHY G (Expert) 16 July 2011
Dear Sir,
Either the sentence is opening balance insufficient or exceeds arrangement, it comes under the purview of the section 138 of NI Act. Hence, he may proceede criminal action against the society.
KAMARAJ BHARATHY

A G Vahora (Querist) 16 July 2011
From last 1.5 years many of the members can not get payment of their various dues including maturity of FD. what can we do?

mahendrakumar (Expert) 16 July 2011
it seems that the society is an employees cooperative society.

make a complaint to the registrar of cooperative society there too.

prabhakar singh (Expert) 16 July 2011
Expert mahendrakumar IS RIGHT,AS IT LOOKS TO BE DISPUTE BETWEEN MEMBERS OF A CO OPERATIVE SOCIETY AND SOCIETY,REGISTRAR CO OPERATIVE SOCIETY ENJOYS JURISDICTION.

DEFENSE ADVOCATE.-firmaction@g (Expert) 16 July 2011
This is a problem all over the country with credit co of societies . Tamilnadu and Maharashtra has made specific stringant laws in tha matter providing arrest and attachment of properties of the Directors.

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