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Udupi, General Manager of Badagabettu Credit Cooperative Society Limited clarifies regarding raid

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Udupi, Feb 8: General manager of Badagabettu Credit Cooperative Society Limited Indrali Jayakar Shetty has issued a clarification stating that though the I

T department did conduct a search as reported, it was presumably on some wrong pretext and nothing illegal was detected.

"Admittedly, the income

tax department conducted a search/investigation in the premises of our so...

Udupi, Feb 8: General manager of Badagabettu Credit Cooperative Society Limited Indrali Jayakar Shetty has issued a clarification stating that though the I-T department did conduct a search as reported, it was presumably on some wrong pretext and nothing illegal was detected.

"Admittedly, the income-tax department conducted a search/investigation in the premises of our society from February 1 to 3, presumably on some wrong pretext. Though, this income tax investigation was focused as a major exercise to unearth illegal money after the November 8 demonetisation scheme of the government of India, our officials extended their full cooperation to the investigating team and nothing illegal was detected by the department in the affairs of our institution," Shetty said in his statement.

"We are transparent in our affairs and administration, law compliant and always support the good and noble cause. It is a matter of record that we on our part welcomed the demonetisation scheme of the government, and even stated this fact in our writ petition before the high court of Karnataka (now under writ appeal 5002/2016), never accepted any withdrawn old high denomination currencies in any of our branches after November 11, 2016 after necessary clarification in this regard was issued by the Reserve Bank of India," he added.

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09-Feb-2017

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