Narendra Gala 02 October 2023

Agm finds accounting mistakes and rejects the audited accounts , balance sheet and p&l a/c

Members find many many mistakes in Balance Sheet, P&L A/c, Auditors report. The AGM rejects the same. The AGM was Adjourned.

My questions :

1. The Adjourned AGM Notice should be given alongwith Minutes of previous AGM which was Adjourned ?

2. Again 14 days clear notice has to be given ?

3. Any other things that need to be taken care of ?

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Quick Summary

An AGM was adjourned after members discovered numerous errors in the audited accounts, balance sheet, and P&L statement, leading to their rejection. This raises questions about the notice requirements for the adjourned meeting, specifically whether it needs to be sent with the previous minutes and if a fresh 14-day notice is mandatory. The discussion also touches upon the legal validity of AGMs and the process for handling rejected accounts within cooperative housing societies in Maharashtra.

4 Replies

T. Kalaiselvan, Advocate (Advocate) 03 October 2023

As per the model bye-laws for cooperative housing societies in Maharashtra, every housing society has to hold an annual general meeting (AGM) of the society, every year, before 30th September. It is the responsibility of the committee of the housing society, to ensure that the AGM is held within the prescribed period. The notice for convening the AGM, has to be signed by the secretary of the society. The AGM of the society cannot be convened unless a notice of 14 days is given to the members. While computing the 14 days, the date on which the notice is issued and the date of the meeting shall be excluded. Once an AGM is called, it cannot be treated as invalid, unless an order declaring the meeting as such is passed by the cooperative court.

Narendra Gala 03 October 2023

Did not get a clear answer.

So you mean to say the AGM could not be adjourned

What about the Accounts resolution ?

What about the Adjourned AGM Notice period?

T. Kalaiselvan, Advocate (Advocate) 04 October 2023

The answer to your original question is very clear in my previous post?

What is that you wanted to clarify, you may specify the same so that more proper opinions can be rendered.

Otherwise all the questions posted in the subsequent post have already been clarified in the previous post, you go through them properly.

Dr. J C Vashista (Advocate ) 04 October 2023

Repeated and obliged as found from your profile, some of them are:

replied to a topic in forum Agm finds accounting mistakes and rejects the audited accounts , balance sheet and p&l a/c

posted a new topic in forum Agm finds accounting mistakes and rejects the audited accounts , balance sheet and p&l a/c

replied to a topic in forum holding of adjourned AGM of a cooperative housing society

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If you are not satisfied with response of experts it is better to consult a local prudent lawyer with relevant records for professional advise and necessary proceeding.

However, repitition of same story is absurd and riidiculous..