NSL Sugars urged to give membership to kin of nearly 10,000 original shareholders
The Hindu
Sahakari Sakkare Karkhane Niyamit demands NSL Sugars provide membership or refund to basic shareholders.
The Sahakari Sakkare Karkhane Niyamit of Bhusnoor in Aland taluk has demanded that NSL Sugars Limited provide membership to a family member of each basic shareholder of the sugar factory.
Director of the Sahakari Sakkare Karkhane Niyamit Dharamraj Sahu, addressing presspersons here on Monday, said that the sugar factory was established by the State government in 1979. After it suffered a huge loss, it was leased out in 2010 to NSL Sugars for 30 years.
In 1979, when the factory was established, a total of 10,800 members purchased a share of ₹1,000 each, he said.
He said that after the amendment to Cooperative Societies Act, NSL Sugars hiked share price from ₹1,000 to ₹5,000. Of the total 10,800 basic shareholders, only 900 shareholders who paid the difference of ₹4,000 in share price are now entitled to shareholders rights.
Mr. Sahu demanded that the factory authorities refund the share price of ₹1,000 with interest added for 44 years (1980 to 2024) to the remaining shareholders or provide membership to a family member of each such shareholder.
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