Our society passed resolution in GBM to charge 21% interest on late payment of maint.charges w.e.f.April 2015.
But committee didn’t raise invoice charging the interest for the year.2015-16.
Now a SGM has been called in aug 2016 to wave off complete interest with back date i.e.april 2015. Can the decision reversed with back date effect?
I C Naik
Interest rate on delayed payment is to be fixed in general body meeting subject to maximum of 21%. Reversal of interest making it zero% is with in the power of general body meeting. Retrospective effect can also be given by general body meeting resolution where it is practicable.