Statement from Indian Cooperative Credit Society Limited on IT

New Delhi 14th Feb 2024 _ From 7th Feb to 9th Feb, the process that was going on was Income Tax Search, it is procedural matter to verify if there’s any tax evasion and not any ED action.

Entire Team of ICCSL have cooperated with the respected Income Tax Authorities, so as to best allow them to do their assigned work. IT Search is however over now & ICCSL is resuming regular operations from today.

Many of our competitors, who are neither working in the interest of the general public nor in the interest of our Nation have tried to capitalise this situation to their advantage & to mislead innocent people.

ICCSL is the law abiding & tax compliant organisation. All the taxes as well as government dues are duly getting paid on time and shall continue to do the same.

Post the search action, the company has opportunity to receive even further guidance from the Income Tax Department to enhance tax efficiency.

The chairman, Sojan V Avirachan and other members of the board & senior officials are not absconding. To give confidence to the members & shareholders, ICCSL will come out with a detailed asset summary of ICCSL & allied organisations; this will establish that the stability of society is beyond question. In past also, ICCSL has a reputation of being able to honour all & any deposit maturity on time, without any delay.

This honest practice will continue in future also if no panic situation is created. On respective due dates, ICCSL is in very much position to honour the maturity of the deposits. We are sure that everyone will understand that if a flow of untimely deposit withdrawal is there, not even banks or any other strong financial institutions can withstand that! Any such situation of panic, rumours & flood of untimely maturity demands will be loss for everyone.

We at ICCSL have always received huge support & faith from our member depositors. Today, the Board & the society need it the most. And, we are confident that I’ll receive it. We are a family of over 10 lakhs members, agents & over 1000 staff members. With support of you all, we can people with malafied intentions wrong. ICCSL has done what a credit co-op soc. Does in the regular course of business of any credit co-op soc; i.e. accept deposits from member depositors & give loans to member borrowers. As we are duty bound to repay deposits to each & every depositors on maturity, we are very much in the positions to recover the loans given to member borrowers also! This is how any financial institutions have acknowledged these loans in their books and bound to repay the same with interest.