Siddhasiri Co-operative Society is urging people not to panic after news of its financial health

Basanagouda MLA Patil Yatnal is the head of a multi-state, multi-purpose cooperative society. | Photo credit: FILE PHOTO

Siddhasiri, a multi-state multi-purpose cooperative society, has urged the public not to panic over reports of the Union government seeking to clarify its financial transactions.

The Vijayapur-based cooperative is headed by MLA Basanagouda Patil Yatnal.

The company’s legal counsel Satish Chandra Kulkarni told reporters in Vijayapur on Thursday that there is absolutely no problem with the financial health of the institution.

“The reports of the company being raided are false and baseless. We have only received a notice from the Central Registrar of Co-operative Societies to get some clarification. The letter was sent in August and we responded in September. A team of officials, including the joint managing director and internal auditor of the company, went to New Delhi and answered all their queries and clarified doubts,” I believe we have not received any responses from New Delhi. he said.

He said the bank had invested money in the Chincholi sugar mill as it was an asset of the company. “The depositors’ funds are completely safe and there is no reason to worry. A very small amount of zero-interest loans have been given to the group of street vendors and most of them have been repaid. Only a small amount will be repaid. We have given adequate answers to all the 11 questions raised by the Central Registrar of Co-operative Societies. There is no reason to worry,” Mr Kulkarni said.

He said some vested interests opposed to Mr. Yatnal’s political rise are trying to create panic among the public by showing news related to the letter.

Published – 12 Nov 2026 21:56 IST