Govt orders winding up of Ahmedabad-based Adarsh Credit Coop Society

The government on Friday ordered winding up of Ahmedabad-based Adarsh Credit Cooperative Society, allegedly indulged in misusing of funds of public, and has also appointed a liquidator.

"The Central Registrar of Cooperative Societies (in agriculture ministry)...has passed an order for winding up the Adarsh Credit Cooperative Society, Ahmedabad and has appointed a liquidator for the purpose under the provisions of the MSCS Act, 2002, (& rules made thereunder) today (Friday)," said an official release.

Society has been found to be indulged in misusing the funds of the members and depositors for personal gains, indulged in gross irregularities and has violated cooperative principles, said the release.