Politics · India · 2 hrs ago
Co-operation ministry seeks answers on Siddhasiri Society finances
The Union Ministry of Co-operation has asked Siddhasiri Society to explain its financial dealings in a letter to Vijayapura’s Deputy Commissioner in Karnataka.
The society is headed by Basanagouda Patil Yatnal, a Karnataka MLA, and his son Ramanagouda is also on its board.
The registrar questioned an investment of about ₹1,065 crore in a company where Ramanagouda is a director, saying the related-party transaction was not disclosed in the audited accounts.
It also raised concerns about interest-free loans and an investment in Siddhasiri Chit Fund.
The society’s reported cash and equivalents were 0.86% of deposits, below a 2% minimum, while unsecured loans were 80.57% of total loans, above a 15% cap.
The society has been asked to provide detailed answers on these and other issues, including tax appeals and its borrowing practices.
The Union Ministry of Co-operation has sought detailed answers about the finances and operations of Vijayapura-based Siddhasiri Society.
The Central Registrar of Cooperative Societies raised questions on at least 11 points, including liquidity, audit disclosures and a ₹1,065 crore investment.
The society is headed by Karnataka MLA Basanagouda Patil Yatnal, and his son Ramanagouda Basanagouda Patil is its chairman and a board member.
The CRCS letter cited figures showing the society’s cash and equivalents, investment liquidity and unsecured loans outside stated norms.
The letter also sought explanations about interest-free loans, tax appeals, deposits, commissions and borrowings.
- Who
- The Union Ministry of Co-operation, through the Central Registrar of Cooperative Societies, is seeking answers from Siddhasiri Society.
- What
- The CRCS has requested detailed responses on at least 11 points concerning the society’s finances and operations.
- When
- The CRCS letter was reported on November 10, 2026. The letter’s date is not stated.
- Where
- Siddhasiri Society is based in Vijayapura, Karnataka.
- Why
- The CRCS raised questions based on information the society uploaded to its portal, including financial transactions and figures that it said fell outside some norms.
This story does not have two clearly opposing sides.
Siddhasiri Society successfully applied to convert from a State-level cooperative to a multi-state cooperative.
The CRCS’s questions about the society’s finances were reported.
- Investment in Chincholi Sugar and Bio Industries
- ₹1,065,81,20,358.39
- Total deposits
- ₹4,117.94 crore
- Cash and equivalents as a share of deposits
- 0.86%, against a stated minimum of 2%
- Investment liquidity as a share of deposits
- 9.45%, against a stated minimum of 13%
- Unsecured loans as a share of total loans and advances
- 80.57%, against a stated cap of 15%
1 source
What people are saying
Such related-party transactions are not disclosed in the audited accounts. Also, the company appears to have last filed its return with the Registrar of Companies in 2015