BIGGEST COOPERATIVE SCANDAL OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN) – UNLAWFUL SHARE CAPITAL HOLDINGS. Adarsh Bank and Adarsh Credit Co-operative Society are controlled by Mukesh Modi like a family shop unlawfully. Modi-Adarsh group’s Adarsh Credit Cooperative Society Ltd is/was controlled and managed by Mr. Mukesh Modi and/or his brother Virendra Modi and/or his daughter Priyanka Modi and/or his close-aid Lalita Rajpurohit. Not only the management, material part of the capital of this society and bank is/was also held by this family and allies but the material part of dividend was also received by Mr. Mukesh Modi or his aids and all these are going on behind the curtain of ‘Co-operative Status’ on the indirect support of Central registrar, Co-operative Societies, Delhi and RBI Officer at the cost of heavy corruption. If you want to see and listen lively, you please see the video of Mukesh Modi on utube on this link http://www.youtube.com/watch?v=dlS1Sp2Vh3A and you will find that how he is whole and sole of the society.
As per the law of the land, not a single person can hold more than 20% share capital of these bank and society but these both the alleged institutions totally contravened the law of 20% shareholding and all Central registrar, Co-operative Societies, RBI, Auditors closed their eyes on these unlawful activity of these institutions. Particularly, Adarsh Credit Cooperative Society Ltd started working in 2004-05. As on 31.03.2005, out of total capital of Rs. 2.12 Crores, capital around 2.10 Crores (99.4%) was held by only 3 persons of Mukesh Modi and his alliance. What a nice co-operative idea, Sir ji ?
As on 31.03.2006, Adarsh Credit Cooperative Society Ltd was having of total share capital of Rs. 12.84 Crores out which capital of around 12.70 Crores (98.9%) was held by only 5 persons of Mukesh Modi and his alliance and as on 31.03.2007, only 13 persons of Mukesh Modi and his alliance were holding 94.8% (Rs. 14.16 Crores) out of total share capital of Rs. 14.93 Crores. What a nice co-operative idea, Sir ji ?
As on 31.03.2008, society was having of total share capital of Rs. 20.95 Crores out which capital of around 16.21 Crores (77.3%) was held by only 14 persons of Mukesh Modi and his alliance and as on 31.03.2009, only 15 persons of Mukesh Modi and his alliance were holding 75.53% (Rs. 28.97 Crores) out of total share capital of Rs. 38.36 Crores. What a nice co-operative idea, Sir ji ?
Likely only 0.01% shareholders (Of total share holders) of Mukesh Modi and his alliance were holding minimum 40% (Rs. 28.97 Crores which is in fact much more) out of total share capital of Rs. 50.49 Crores as on (31.03.2010). What a nice co-operative idea, Sir ji ?
In the year, 2090-10 and 2010-11, 40% to 50% share capital of Adarsh Bank was enjoyed by Adarsh Credit Cooperative Society Ltd in contravention of Banking Regulation Act and the relevant Co-operative Law. When this unlawful holdings were noticed by RBI, share capital of society in bank was removed just by window dressing by befooling the RBI and it’s investors. RBI and Central Rergistrar is just playing the role of ‘Dhrutrastra’ under the blinding tap of heavy corruption of Mr. Mukesh Modi.
True position of share capital is continuously in contravention of BR Act and Coooprative Laws even till today and now, all the poor investors are at heavy risk as curtain has been removed. In the recent judgement of Bombay High court, it has been held that deposits of public and any co-operative society with any co-operative bank is only secured up to Rs. 1.00 Lakh only and therefore, deposits of crores of rupees of this alleged society with this alleged Adarsh Bank is at great risk but It is surprising that Central /State Govt. is totally ignorant as Mr. Mukesh Modi is the man power and money.
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