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.
