Siddhasiri cooperative society urges people not to panic following reports over its financial health
We have given convincing responses to the Central Registrar of Cooperative Societies, says society
MLA Basanagouda Patil Yatnal is the head of the Multi-State, Multi-Purpose Cooperative Society.
Siddhasiri Multi-State, Multi-Purpose Cooperative Society has urged the public not to panic about news reports of the Union government seeking clarifications over its financial transactions.
The Vijayapura-based cooperative is headed by MLA Basanagouda Patil Yatnal.
Legal advisor for the society Satish Chandra Kulkarni told reporters in Vijayapura on Thursday that there is absolutely no problem with the financial health of the institution.
“Reports of a raid on the society are false and baseless. We have only received a notice from the Central Registrar of Cooperative Societies seeking some clarifications. The letter was sent in August and we have responded in September. A team of officials, including joint managing director and internal auditor of the society, went to New Delhi and answered all their questions and clarified doubts. I think we have given convincing answers. We have not received any follow-up queries from New Delhi,” he said.
He said that the bank has invested money in the Chincholi sugar factory, as it is an asset of the society. “Depositors funds are entirely secure and there is no cause for concern. A very small amount of zero interest loans were given to a group of street vendors and most of them have been repaid. Only a small amount is yet to be repaid. We have given appropriate answers to all the 11 questions raised by the Central Registrar of Cooperative Societies. There is no cause for concern,” Mr. Kulkarni said.
He said that some vested interests who are opposed to the political rise of Mr. Yatnal are trying to create panic among the public by showing reports related to the letter.
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