Friday, December 16, 2016

Rumours about “Biggest Co-operative Scandal by Mukesh Modi’s Adarsh Credit” Fail to Break the Trust of People

The unimaginable faith that the members have on Mukesh Modi’s Adarsh Group remains unflickered in spite of the current news and talks about them. Going by the current Adarsh Credit Co-Operative Society Ltd. scandal, Shree Mukesh Modi and his brother Virendra Modi have apparently shown themselves as farmers to abstract some amount from Adarsh Credit Co-Operative Society Ltd.
Innumerable attempts have been taken to show false audit reports and balance sheets to deteriorate the name and prestige of Adarsh Group and its founder members. The whole agenda has been to show that the business of the company is fake or non-reliable. It was also alleged that Adarsh Credit has violated various provisions of The Income Tax Act and The Banking Regulations Act severely. Adarsh Credit Co-Operative Society Ltd. news have been thoroughly followed by us and none of the above talks on the scam are justified. No details of any specific section/ provisions of the acts that were apparently violated by Adarsh Credit Co-operative society Ltd. have been mentioned whatsoever. Adarsh Credit Co-Operative Society Ltd. has worked duly as per their applicable acts and bylaws, and timely compliances have been made of the applicable acts.
It was also pointed out that Adarsh Credit will be bankrupt till 30th June 2014 as opposed to the reality, which is that the Society is still functioning well. They continue to provide services to their members smoothly and smartly and nothing has happened as alleged.
Questions were also risen that due to contravention of share capital, all poor investors were at heavy risk. But the fact is, there is no link between share capital and poor investor as the share capital is also investment in the society, like deposit and as per Act, share capital is having more risk than deposit as the depositor will get a fix return on deposit and return on share capital depends upon working result and profitability of the entity.


With a lot of blames and allegations happening, what has amazed us is the undeterred belief of the members on the society. The goodwill and noble of acts of Adarsh Credit has been endless and that reflects in their words and actions. This alone is the biggest answer to all those who have raised questions or complaints on Adarsh Credit Co-Operative Society Ltd. regarding their work process and dealings. 

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