The task force, formed to draft the terms of reference (ToR) for a parliamentary probe panel on the cooperative scams, on Tuesday agreed on the jurisdiction of the panel.

The four-member task force led by Minister for Law, Justice and Parliamentary Affairs Padam Giri agreed on a four-point ToR for the probe committee, which will comprise seven members and has been given a three-month tenure.

As per the agreement, the probe panel will conduct a study and make recommendations on resolution of legal and institutional issues faced by cooperatives and on regulations, supervision and transparency of their financial system.

Likewise, the panel will also make recommendations on safeguarding the savings of the depositors, and quick and easy refunds for the victims whose deposits have been embezzled.

The panel also agreed to probe crisis-ridden cooperatives and fast-track the refund process for the depositors of the cooperatives concerned.

Those cooperatives that have been linked with the funding of the now-defunct Gorkha Media Network will also be probed.

The fourth point of the agreement reads, “study on the status of the funds transferred to various organisations, including Gorkha Media Network Pvt Ltd, whether the funds were obtained legally or illegally, and how the funds were put to use will be conducted.”

The panel will also make recommendations for appropriate disciplinary actions against all those found guilty of the crime and for the recovery of the misused deposits.

According to a member of the task force, the parliamentary committee will be announced in a meeting of the House of Representatives.