In a recent judgment, the Bombay High Court ruled that the entire management committee of a cooperative society is responsible for financial losses caused by fraudulent loan applicants, dismissing the liability of individual committee members who merely signed disbursement cheques. The decision came in response to a writ petition filed by Brihanmumbai Police Karmachari Sahakari
Bombay HC Rules: Entire Managing Committee Of Registered Society Responsible For Granting Loan To A Fraud, Not Just Signing Authority
