Subject: Representation by Shareholder/Voting Member for Revocation of
Liquidation Order dated 11.12.2018 passed against Anant Nidhi Credit
Co-operative Society Limited, Restitution of Administrative Powers to
the Board Elected on 23.04.2018 for Depositor Resolution, and
Concluding with Free & Fair Elections.
Respected Sir/Madam,
I, the undersigned, am a bona fide Shareholder and Voting Right Member
of Anant Nidhi Credit Co-operative Society Limited. I am submitting
this formal representation to express my deep concern regarding the
prolonged stagnation of the society under liquidation, while affirming
my unyielding faith in the democratic principles of the cooperative
movement.
The material facts, grievances, and prayers necessitating this
representation are stated as under:
1. Awareness of the Grievance & Systemic Crisis (Since 2017):
I am intimately acquainted with and have been personally affected by
the severe liquidity crisis and deposit maturity payment delays that
surfaced within the society since the year 2017. This phase caused
immense financial anxiety and distress to thousands of innocent,
small-scale investors who trusted the institution.
2. The Effective Redressal by the Second Board (Elected on 23.04.2018):
I am fully aware of, and a witness to, the exemplary and successful
settlement frameworks introduced by the newly elected Board of Directors
that took charge on 23.04.2018. Through their proactive, transparent,
and structured resolution programs, the claims of hundreds of distressed
members were actively resolved and settled, restoring temporary stability
and hope.
3. Abrupt Disruption via Liquidation & 7 Years of Stagnation:
Regrettably, vide the Liquidation Order dated 11.12.2018, the functioning
of this newly elected board was abruptly terminated. It is a matter of
grave concern that despite the passage of nearly seven years, and the
consecutive appointment of four distinct Liquidators during this period,
no viable solution, structural recovery, or substantial relief has been
delivered to the common members. The prolonged liquidation has only
resulted in administrative deadlock, eroding the hard-earned savings
of depositors.
4. Preservation of Cooperative Faith & Support for Resolution:
As a voting member, my faith in the cooperative framework remains intact,
provided it functions democratically. The unresolved state of the last
seven years proves that liquidation is not the answer. The ultimate
resolution lies in restoring the administrative mandate to the leadership
that successfully proved its capability on the ground.
PRAYER / RELIEF SOUGHT
In light of the compelling facts stated above, I earnestly request
your esteemed office to intervene in the interest of natural justice
and protect thousands of families by directing the following:
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Revoke the Liquidation Order dated 11.12.2018 passed against
Anant Nidhi Credit Co-operative Society Limited with immediate effect.
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Restore full administrative and operational powers to the
Chairman of the Board elected on 23.04.2018, mandating them
to resume and complete the successful depositor resolution
and payment programs.
-
Direct the conduction of fresh, democratic, and transparent
elections under the direct supervision of the Central Registrar
once the depositor rehabilitation process is successfully concluded,
ensuring the society continues to run smoothly and compliantly.
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Thanking You.
Yours Faithfully,
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