Hyderabad: Refuting a public advisory issued by the Telangana government, Sahara Credit Co-operative Society Ltd on Monday clarified that it accepts investments only from its members and not from the entire public.
“The Telangana government, through its Press Note dated 6th January, 2017, has warned common people against depositing money with Sahara Credit Co-operative Society Ltd. However, we want to clarify that Sahara Credit Co-operative Society Limited does not accept investments from common people. It accepts investments from its esteemed regular members only, which is legally valid under the provisions of Multi-State Co-operative Act, 2012,” Sahara CCSL said.
The firm also reiterated that it follows all the provisions of Multi-State Co-operative Act, 2012. Explaining the rationale for the Telangana government’s notice, the firm said: “The Telangana government had to issue this communiqué because of a technical reason which is that the state of Andhra Pradesh is included in multi-state cooperative society provisions, whereas the state of Telangana is yet to be notified. It will be notified soon.”
