Brahmagiri depositors to hit streets after authorities fail to provide deadline for repayment

Wayanad: The general body meeting of the Brahamgiri Depositors Action Council, a platform for depositors of the now defunct Brahmagiri Development Society (BDS), was held at Sulthan Bathery on Sunday.
The meeting, which saw the participation of over 90 depositors, witnessed chaotic scenes as BDS authorities failed to provide a deadline for debt repayment. 

Depositors, who invested up to Rs 52 lakh in various projects of BDS including Malabar Meat, Wayanad Coffee and Kerala Chicken, were present at the gathering.

Addressing the participants, BDS chairman PK Suresh said that the leadership is planning to re-start the closed down Malabar Meat unit and repay the debt with the revenue generated from revived units.

However, Suresh failed to provide a timeline for the plan, infuriating depositors.  Though another board member Francis tried to intervene, the members refused to hear him out.
The meeting concluded with a decision to intensify the agitation against the government. The action plan includes a day-long sit-in in front of the Collectorate, giving representations to three legislative members and giving a memorandum to the District Collector.  A media interaction with the victims has also been planned. Though a majority of depositors are inclined to the Left, all of them voiced protest against the failure of the state government as well as CPM state leadership to address th problem.

According to LR Murali, president of the action council, agitation is the only choice they are left with.  This is the first time depositors are openly registering their protest against the LDF government.

The party-controlled agrarian cooperative entity, affiliated with the Dairy Department, had plunged into a financial abyss, putting more than 600 depositors and hundreds of other stakeholders in a fix. 

According to reports, the total loss of BDS has crossed Rs 100 crore. The outstanding debt to individual depositors is Rs 68 crore, whereas the loan from Primary Cooperative Banks and various Employees' Cooperative Societies is more than Rs 20 crore. BDS is also facing a dozen cases at various courts in the state for financial irregularity. The cooperative entity and its former chairman P Krishna Prasad is also facing revenue recovery proceedings.