Observations on the Pre -read paper circulated by the Society for the SGM dated February 2, 2025

 *Observations on the Pre -read paper circulated by the Society for the SGM dated February 2, 2025:*

• As per their paper admission, and as per point no. 11, the society had spent 15.11 crores - Pt. No. 11 - on the Repair Program from July 1, 2018 to December 31, 2024.

• As per their paper, they have spent this money by :

1) Repair Fund Collection of Rs.11.49 Crores (upto 31/12/24)

2) Sinking Fund Withdrawal of Rs. 3.50 Crores.

3) Internal Accruals Rs. 12.30 lakhs.

• All the above, 1/2/3 together make 15.11 Crores and that has been spent.

• In other words, till December 31, 2025 all money for Repair Program has been paid and squared off - as they have not shown any outstanding bills pending.

It means as of December 31, 2025, Repair Fund pending bills are Zero!

*Retention Money* :

• In Part 2 of their pre-read paper, in Pt. No. 2, the society is showing an amount of Rs. 57 lakhs as payable towards Retention Money to Contractors - as of 22 December 2025.

• I dont understand why they are not showing this figure as of 31,December? Anyway.

• Friends, for your information, Retention Money is always some percent amount of the Contractors bill which is with held by society and paid after a certain period, once convinced that the work has been done satisfactorily.

• This means they are a part of the total bill of Rs. 15.11 Crores - ref. Pt. No. 11 of Part 1 - of the Repair Program.

• Prudent Financial Management teaches that when you retain some part of the bill but it is to be paid afterwards - you keep that much money aside as outstanding debt.

• The society should have kept that money aside earlier itself by way of FDs.

*Outstanding recovery of Repair Fund :*

• In Pt. No. 4 of Part 2, the society is showing Rs. 73.44 Lakh as outstanding recovey of Repair Fund from members.

• In that case, society should recover this money from members and pay back the Retention Money.

• Just because defaulters are not paying, society cannot keep asking other members to keep contributing.

*Pt. No. 1 of Part 2*:

As per this point, the society is claiming that it is Statutory requirement to replenish the Rs. 3.50 Crores spent from Sinking Fund by making fresh contributions.

• This is a lie - untruth - false argument they are making. I challenge them to show me any such rule which says so in writing - from the rule book.. 

They can't because it doesn't exist.

The society management is just trying to extort more money from members in name of Corpus Fund.

*Please dont agree to anything*.

*Pt. 5 of Part 2*:

• Here the society is mentioning an amount of Rs. 3.34 Crores as *Balance funds to be collected*.

• Balance Funds means which funds - not mentioned - no details given. How and why should we pay?

• Who sanctioned - when - how much - for what time and for what work?

• The meeting agenda shows that they want to collect money for 2 years.

As per the law, the society is a non profit body and has to collect monies required on a YEARLY BASIS - the correct procedure is that they should put up a transperant proposal for works to be done in a year, at what cost - to the AGM and get it approved by members.

Problem in Saket is that as all members are sleeping with a I dont care attitude - a group of people are able to take you for a ride.

Dayanand Nene.