I am a member of housing co-op society since yr 2010, and building is around 28 yrs old with 30 members/flats. Since last 7/8 years no Profit & Loss accounts and balance sheets are prepared/submitted in AGM, so no question of Audit. In such a circumstances, committee is proceeding for major repairs estimated to cost around 25 lacs. Other members are either not much concerned or under pressure of an informal group controlling the affairs.
In such a situation, as a member what rightful steps I should take so that (1) current managing committee are directed /ensured that they follow the rules of conducting the financial affairs of the society, before going for such major repairs involving huge cost ….quite likely no proper account will be given / funds may be misused (2) with current situation can I refuse to pay hefty amount of around 1.25 lacs for repair contribution…..till I get copy of audited accounts till date/.as it is 7/8 no proper account has submitted by the managing committee. Kindly advice.
I C Naik
Inspection under Section 32 is very limited in scope and it extends to very few matters and will not allow you to see payment details of Rs 5 Lacs. How do you prove a fraud? It is rather impossible. It has no trail nor a record. If you can convince other members then requisition a general meeting to discuss it among members. You have to take a democratic route.
