The office of central registrar of cooperative societies has extended the term of liquidator appointed in the beleaguered cooperative-Rajasthan based Adarsh Credit Cooperative Society.
The order released from the office of central registrar which is signed by Vijay Kumar, Central Registrar of Cooperative Societies, reads, “The completion of liquidation work of Adarsh Credit Cooperative Society, Ahmedabad, Gujarat will require more time and it has been deemed expedient to extend the term of the liquidator for a period of twelve months from November 29, 2020”.
“Therefore, in continuation of this Department’s order dated 24.11.2021, the term of the liquidator of Adarsh Credit Cooperative Society Limited, Ahmedabad, Gujarat is hereby extended up to 28th November 2023. The liquidator is requested to complete the liquidation work within the given period”, it further reads.
It bears recall that the Central Registrar of Cooperative Societies had appointed liquidator H S Patel on 29th November 2019 and now the extension has been given for a further period of twelve months from 29 November, 2022. The order in this regard was released on Thursday.
Meanwhile, the social media is filled with tweets of gullible investors who are asking the central government especially Prime Minister Narendra Modi to intervene in the matter and help lakhs of helpless investors in getting their money back.
Readers would recall that in a reply to a question in Rajya Sabha, Union Home and Co-operation Minister Amit Shah said that about 45 multistate credit co-ops including Adarsh Credit Cooperative Societies are being wound up after their various acts of omission and commission came to be known.
Beginning in Sirohi in Rajasthan, Adarsh Credit branched off to Haryana and Gujarat with its headquarters in Ahmedabad. More than seventy percent of investors are said to belong to Rajasthan.
The founder chairman of Adarsh Credit Co-op Mukesh and his family members are alleged to have run Ponzi schemes and floated several fake companies to which they diverted Rs 8400 crore.
Twenty lakh people invested Rs 14,682 crore over 8 years in Adarsh credit society.