Dear Members of AETFCOCMSL,
Festive Greetings on the auspicious month of Ganesh Utsav. I cordially request you all to attend the General Body meeting on Sunday, Sep 26th 2021.
Before dwelling further into the background and agenda, on behalf of the Managing Committee I would like to extend our heartfelt gratitude to all the members for extending their cooperation and patience in making this society a better place to live. We believe by and large the community standards have improved, whilst there are outstanding issues from the builder and ongoing maintenance issues that need to be resolved. As you can appreciate, this is a journey and we at the Managing Committee are increasing our pace towards this goal and need your continuous support. In this regard we would like to thank the volunteers who joined this journey (via the committees) recently for coming forward and supporting along with the existing volunteers.
The gist of the agenda for GBM along with our representation to Dy. Registrar of Cooperative is herewith mentioned below. In order to avoid any contentious observations as indicated by the Dy Registrar through his letter to AETFOCMSL on the conduct of GBM on Feb 21st, we have requested Dy Registrar to be present at the GBM on 26th Sep. This is to ensure that the Govt authority shall be witness to the proceedings and resolutions. Dy. Registrar has assured to send a representative from their office to oversee the proceedings.
Additionally, we would like to provide some background on some of the agenda items so that it will help you transparently asses the rationale and take a decision on the resolution at the time of voting in the GBM
1. CAPEX Incurred until now:
As you are aware there were few expenses that are CAPEX in nature that were necessitated to be attended (like new Borewell in the play area, B1 barricading etc.) to address the immediate needs. These amounts were borrowed from the maintenance kitty since there was no CAPEX available and now need to be replenished as maintenance amount was utilised. All these expenses have been transparently notified and details shared. We need the General Body to approve these expenses post facto and allow to plough it back to the maintenance kitty once the CAPEX collection is realised.
2. Creation of CAPEX Fund:
We have collated a list of planned CAPEX projects that needs to be funded by the AETFOCMSL. List will be shared during the GBM, that needs to be discussed, prioritised by the General Body and to that extent appropriate amount needs to be collected from the Owners.
3. Collection of Corpus Fund:
As the building ages the assets like Lifts, Diesel Generator, Motor Pumps, external façade may lose life and need to be attended to. Corpus fund is a necessity in any gated community and in fact the builder collects them upfront and, in some cases, use the interest earned on it for operational maintenance. Unfortunately, in this project whilst the builder only collected the cheques and not the actual monies and hence it is imperative that we create a Corpus fund to address future needs. We will need the General Body approval to collect the same at Rs One lakh( Rs.1,00,000.00) per flat.
4. Maintenance Methodology:
As you were aware that Dy Registrar has issued a recommendation to put the maintenance methodology for re voting with only two options, we were also guided by our legal counsel to go along with Dy. Registrar recommendation to avoid legal complications and put the society functioning at jeopardy. Hence, this item shall be put for re-voting for the General Body under the observance of Dy. Registrar/ representative from the Dy. Registrar office and settle this issue once for all.
5. Approval of Audited Financial Statement:
As per the Cooperative society audited financial needs to be presented to the General Body and approved before submitting them to the Dy. Registrar office as part of Compliance requirement. We are currently having our accounts audited by our Chartered Accountancy firm Bosu & Co and these shall be shared prior to the GBM for your pursual and further approval in the GBM
6. Operational Resolutions:
There are few operational resolutions that need to be reviewed and approved by the General Body. Refer the Agenda for details. It should be noted that the provisions of bylaws under Chapter II are applicable for Voting & Quorum.
Looking forward to all your cooperation and a successful General Body meeting for the betterment of Aditya Empress Towers
S. Mahipal Reddy
President
AETFOCMSL