Justice K. Sarath of Telanagana High Court on Monday directed Telangana State Road Transport Corporation authorities to explain their stand in a writ petition seeking declaration on their action of not depositing over ₹600 crore to TSRTC Employees Thrift and Credit Co-operative Society Limited.
The judge, after hearing the plea filed by the society’s person-in-charge committee member Battu Das Rao, instructed the society officials to secure details on the matter by November 21. The petitioner’s counsel A.K. Jayaprakash Rao, presenting his contentions, said the TSRTC had collected ₹639.69 crore from its employees towards contribution to society.
But this principal amount was not deposited to society, counsel told the bench. With the accumulated interest on the principal amount, the TSRTC owed a total of ₹904.10 crore to the society. Withholding this amount and not depositing the same to the society was arbitrary and illegal, the advocate argued.
As per rule 33 of Telangana Co-operative Societies Rules-1964, the TSRTC had no power to keep the amount collected from the members of the society with it. Mr. Rao requested the bench to pass an order instructing the TSRTC to forthwith deposit the sum to the society.
According to him, the society was established in 1952 as APSRTC Employees Thrift and Credit Cooperative Society Limited and registered under Hyderabad Co-operative Societies Act. Following bifurcation of the State, it was named TSRTC Employees Thrift and Credit Co-operative Society Limited.
The society was not getting any funds or grants from the TSRTC or State Government, counsel said. Members of the society deposited their Member Retirement Deposit Fund (MRDF) and were supposed to get interest on those amounts. However, with the TSRTC withholding the sum, the society was not in a position to pay interest to the members on their deposits.