Adarsh credit cooperative society latest news 2022

"The bank does not have adequate capital and earning prospects," the RBI said. It also stated that the bank's current financial situation would prevent it from paying its current depositors in full. The Seva Vikas Co-operative Bank is prohibited from conducting banking business, which includes, among other things, accepting deposits and repaying deposits, with immediate impact, according to the RBI. 10 Oct, 2022, 05:53 PM IST “Consequent to the cancellation of its licence, “Rupee Co-operative Bank Ltd, Pune” stands prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from September 22, 2022,” stated the RBI press release. 10 Aug, 2022, 06:10 PM IST "There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks... but the development is uneven. We need symmetric development of urban cooperative banks," Shah said at an event here.The symmetric development of cooperative banks will help sustain competition in future, he said.The minister also felicitated several U.C.Bwhich have completed 100 years of operation. 23 Jun, 2022, 01:46 PM IST The apex court also stayed the separate order passed by the high court which had on February 11 directed to add Sahara Credit Cooperative Societies Limited and Roy as opposite parties to a bail petition pending before it and later, directed him to p...

The Enforcement directorate has attached assets of more than Rs. 60 crores with a Maharashtra-based cooperative society's chairman, Gilbert Baptist under anti-money laundering laws. This was done as part of an alleged investment scam worth around INR200 crore. The chair is accused of appointing a number of "dummy" directors in the society, and of creating properties in his own name, as well as those of family members. 09 Jun, 2023, 02:51 PM IST More than 9,400 Jan Aushadhi Kendras have been opened across the country till now. About 1,800 types of medicines and 285 other medical devices are available in these Kendras. Medicines at these Kendras are available at a 50 to 90 per cent lesser rate in comparison to the branded medicines. 06 Jun, 2023, 10:24 PM IST The scheme will utilise funds already allocated for other schemes, Thakur said. Under this scheme, a godown of a capacity of 2000 tonnes will be constructed in every block, or district subdivision. An inter-ministerial committee will be formed for this. The initiative will help reduce damage of foodgrains due to a lack of storage, check distress sales by farmers, reduce import dependence, and create employment opportunities in rural India, the minister said. 01 Jun, 2023, 11:15 AM IST The ministry of cooperation has formulated a plan to establish viable PACS in each uncovered panchayat, viable dairy cooperatives in each uncovered panchayat/village and viable fishery cooperatives in each coastal panchayat/village as well...

India News | Raj HC Asks Scam-hit Adarsh Society's Liquidator to Examine Fund Release Claims of Depositors Get latest articles and stories on India at LatestLY. The Rajasthan High Court on Tuesday asked the liquidator of the Adarsh Credit Cooperative Society, allegedly involved in the embezzlement of over Rs 9,000 crore of its 20 lakh depositors and over 3.75 lakh investors, to settle the claims for release of funds of over 1,500 depositors of the Society. Jodhpur, Nov 30 (PTI) The Rajasthan High Court on Tuesday asked the liquidator of the Adarsh Credit Cooperative Society, allegedly involved in the embezzlement of over Rs 9,000 crore of its 20 lakh depositors and over 3.75 lakh investors, to settle the claims for release of funds of over 1,500 depositors of the Society. Also Read | The order was given by the bench Justice Dinesh Mehta on a joint plea by 1,573 depositors, who had pleaded to the court that their deposits were stuck in the scam-hit society despite the release of the deposits of other creditors. Petitioners counsel Girish Sankhla submitted to the court that the petitioners have approached it with a limited prayer for a direction to the respondents to decide on the claim applications of petitioners seeking the release of their money lying deposited with the society. “We stated in our petition that all these petitioners had deposited money in the society. But their money got stuck after the society offices were shut following the scam,” Sankhla said. He added ...

New Delhi: The ED has attached immovable and movable properties worth whopping Rs 1,489 crores in connection with embezzlement of public deposits by Adarsh Credit Cooperative Society Limited (ACCSL), the agency said on Monday. The properties include land and building valued at Rs 1464.76 crore and fixed deposits/balance in various bank accounts of Rs 24.44 crore approximately belonging to Adarsh Group of Mukesh Modi, Virendra Modi and his family; Riddhi Siddhi Group of Mahendra Tak, Saurabh Tak and properties of other accused, it said. The Enforcement Directorate ( ED) found these properties -- in Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra and Uttar Pradesh -- involved in the offence of money laundering and provisionally attached them under the Prevention of Money Laundering Act, 2002 (PMLA). The agency had initiated investigation on the basis of an FIR lodged in December, 2018 under relevant provisions of the IPC by the Special Operation Group, Rajasthan Police for the offences of cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy against Mukesh, Rahul Modi and others of Adarsh Group, officials of ACCSL and other persons. The FIR was registered on the basis of a complaint of various investors against Mukesh, Rahul and others for not returning their money invested in Adarsh Credit Cooperative Society Limited on maturity. The probe conducted so far under the PMLA revealed that Mukesh, in collusion with his relatives Virendra, R...

TNN / Oct 27, 2020, 08:21 (IST) Four depositors of CKP Co-op Bank Ltd have moved Bombay high court to quash and set aside the order passed by the cooperation minister rejecting the appeal against winding up of the bank. The four petitioners, who are Chembur residents, include three of a family who are joint depositors. The depositors like “thousands and lakhs of families have deposited their life savings as well as retirement fund” in the 105-year-old bank. On April 28, RBI cancelled the bank’s licence.

TNN / Dec 23, 2022, 08:25 (IST) The Jaipur Rajasthan High Court has asked the Central Government to dispose of the representations regarding refund in the case of depositors of Adarsh Credit Cooperative Society within six weeks. The order was issued by Justice MM Shrivastav while disposing of a petition filed by Kalpana Mehta and 31 others representing the petitioners, Senior Advocate Mahendra Shah and Advocate Pragya Seth. The petitioners have stated that they have invested all their savings in Adarsh Credit Cooperative Society, but the deposited amounts and interest were not returned to them even after the expiry of the stipulated period. TNN / May 12, 2023, 08:20 (IST) Adarsh Credit Co-operative Society director Rahul Modi and others who allegedly duped more than Rs 15,000 crore in the name of investments from 20 lakh investors by opening hundreds of branches in 28 states filed a petition in Rajasthan High Court seeking default bail. TNN / May 08, 2022, 03:45 (IST) Chief Minister Ashok Gehlot appealed to the people of the state not to fall prey to the temptation of multi-state credit co-operative societies promising lucrative returns. He asked people to invest carefully after examining the credit worthiness of the co-operative societies. TNN / Apr 06, 2022, 03:55 (IST) Minister for co-operatives I Periyasamy has warned cooperative department staff and salespersons at public distribution system (PDS) outlets of stringent departmental and disciplinary action if they are f...

TNN / Dec 23, 2022, 08:25 (IST) The Jaipur Rajasthan High Court has asked the Central Government to dispose of the representations regarding refund in the case of depositors of Adarsh Credit Cooperative Society within six weeks. The order was issued by Justice MM Shrivastav while disposing of a petition filed by Kalpana Mehta and 31 others representing the petitioners, Senior Advocate Mahendra Shah and Advocate Pragya Seth. The petitioners have stated that they have invested all their savings in Adarsh Credit Cooperative Society, but the deposited amounts and interest were not returned to them even after the expiry of the stipulated period. TNN / May 12, 2023, 08:20 (IST) Adarsh Credit Co-operative Society director Rahul Modi and others who allegedly duped more than Rs 15,000 crore in the name of investments from 20 lakh investors by opening hundreds of branches in 28 states filed a petition in Rajasthan High Court seeking default bail. TNN / May 08, 2022, 03:45 (IST) Chief Minister Ashok Gehlot appealed to the people of the state not to fall prey to the temptation of multi-state credit co-operative societies promising lucrative returns. He asked people to invest carefully after examining the credit worthiness of the co-operative societies. TNN / Apr 06, 2022, 03:55 (IST) Minister for co-operatives I Periyasamy has warned cooperative department staff and salespersons at public distribution system (PDS) outlets of stringent departmental and disciplinary action if they are f...

India News | Raj HC Asks Scam-hit Adarsh Society's Liquidator to Examine Fund Release Claims of Depositors Get latest articles and stories on India at LatestLY. The Rajasthan High Court on Tuesday asked the liquidator of the Adarsh Credit Cooperative Society, allegedly involved in the embezzlement of over Rs 9,000 crore of its 20 lakh depositors and over 3.75 lakh investors, to settle the claims for release of funds of over 1,500 depositors of the Society. Jodhpur, Nov 30 (PTI) The Rajasthan High Court on Tuesday asked the liquidator of the Adarsh Credit Cooperative Society, allegedly involved in the embezzlement of over Rs 9,000 crore of its 20 lakh depositors and over 3.75 lakh investors, to settle the claims for release of funds of over 1,500 depositors of the Society. Also Read | The order was given by the bench Justice Dinesh Mehta on a joint plea by 1,573 depositors, who had pleaded to the court that their deposits were stuck in the scam-hit society despite the release of the deposits of other creditors. Petitioners counsel Girish Sankhla submitted to the court that the petitioners have approached it with a limited prayer for a direction to the respondents to decide on the claim applications of petitioners seeking the release of their money lying deposited with the society. “We stated in our petition that all these petitioners had deposited money in the society. But their money got stuck after the society offices were shut following the scam,” Sankhla said. He added ...

New Delhi: The ED has attached immovable and movable properties worth whopping Rs 1,489 crores in connection with embezzlement of public deposits by Adarsh Credit Cooperative Society Limited (ACCSL), the agency said on Monday. The properties include land and building valued at Rs 1464.76 crore and fixed deposits/balance in various bank accounts of Rs 24.44 crore approximately belonging to Adarsh Group of Mukesh Modi, Virendra Modi and his family; Riddhi Siddhi Group of Mahendra Tak, Saurabh Tak and properties of other accused, it said. The Enforcement Directorate ( ED) found these properties -- in Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra and Uttar Pradesh -- involved in the offence of money laundering and provisionally attached them under the Prevention of Money Laundering Act, 2002 (PMLA). The agency had initiated investigation on the basis of an FIR lodged in December, 2018 under relevant provisions of the IPC by the Special Operation Group, Rajasthan Police for the offences of cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy against Mukesh, Rahul Modi and others of Adarsh Group, officials of ACCSL and other persons. The FIR was registered on the basis of a complaint of various investors against Mukesh, Rahul and others for not returning their money invested in Adarsh Credit Cooperative Society Limited on maturity. The probe conducted so far under the PMLA revealed that Mukesh, in collusion with his relatives Virendra, R...

"The bank does not have adequate capital and earning prospects," the RBI said. It also stated that the bank's current financial situation would prevent it from paying its current depositors in full. The Seva Vikas Co-operative Bank is prohibited from conducting banking business, which includes, among other things, accepting deposits and repaying deposits, with immediate impact, according to the RBI. 10 Oct, 2022, 05:53 PM IST “Consequent to the cancellation of its licence, “Rupee Co-operative Bank Ltd, Pune” stands prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from September 22, 2022,” stated the RBI press release. 10 Aug, 2022, 06:10 PM IST "There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks... but the development is uneven. We need symmetric development of urban cooperative banks," Shah said at an event here.The symmetric development of cooperative banks will help sustain competition in future, he said.The minister also felicitated several U.C.Bwhich have completed 100 years of operation. 23 Jun, 2022, 01:46 PM IST The apex court also stayed the separate order passed by the high court which had on February 11 directed to add Sahara Credit Cooperative Societies Limited and Roy as opposite parties to a bail petition pending before it and later, directed him to p...