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Maharashtra Governor C Vidyasagar Rao has signed the state government's controversial ordinance seeking to amend the Maharashtra Cooperative Societies Act, 1960.
The ordinance bars directors of mismanaged cooperative banks from contesting bank elections for two consecutive terms.
"As a result of this, the earlier ordinance, which was extended twice since January has been withdrawn," state Cooperation Minister Subhash Deshmukh told PTI, today.
"The amendment in the Maharashtra Co-operative Societies Act, 1960 is now official and it has come into effect immediately. The state government will soon issue instructions to Regional Cooperatives Officers in this regard," he said.
The Act is set to hit NCP as well as Congress as many of its leaders have been members and chairmen of various cooperative societies, including the district central cooperative banks.
According to RBI's directions, directors should be barred from re-contesting elections for two terms.
The amendment will also be applicable in retrospective effect for all cases, where the board has been dissolved in line with the Central bank's guidelines for the past ten years, Deshmukh added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)