A private finance company has taken over the property of Sahakara Sarige (Transport Cooperative Society) at Koppa, against the loan it had offered to the transport company. In the presence of Koppa tahsildar, the office was locked up and the keys were handed over to the representatives of Srirama Transport Finance Company on Tuesday. Sahakara Sarige earned name Statewide for offering transport services in Malnad region on cooperative principles.
ADVERTISEMENT
Sahakara Sarige had borrowed ₹ 1.2 crore from the finance company mortgaging its property in Koppa. It could not pay a few instalments in the recent past as it suffered loss and could not operate its services. The finance company moved court and got an order to take over the property.
TCS chairman E.S. Dharmappa said that the action was objectionable as it was done during the lockdown over COVID-19. “The company could not pay the instalments because of financial difficulties. Recovery proceedings should not have been done during the lockdown. Anyhow, a businessman from Dakshina Kannada has purchased our company. Soon the financial issues will be settled”, he said.
The chairman said the discussion on the sale of 70 buses and its properties had been done. The buyer would settle the dues within a few days. “Later, the society will take up other activities. We are interested in taking up tourism transport. It will be decided later”, he added.
ADVERTISEMENT