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of <h1>Central Registrar Can Declare Multi-State Co-Op Societies 'Sick' Under Section 63B for Losses; Rehabilitation Scheme Possible</h1> Section 63B of the Multi-State Co-Operative Societies Act, 2002, as amended, allows the Central Registrar to declare a multi-State co-operative society as 'sick' if it accumulates losses equal to or exceeding its paid-up capital, reserves, and surpluses, and suffers cash losses in consecutive financial years. Upon such a declaration, the Central Government or an authorized entity can prepare a rehabilitation and reconstruction scheme for the society, which requires approval from the general body. The government may reorganize the society's board with experienced individuals to implement the scheme, with Reserve Bank approval needed for co-operative banks.
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