Maharashtra cabinet gives nine months more for housing societies to hold AGMs

MUMBAI: The state cabinet finally allowed a nine month extension (till March 2022) to housing societies to hold annual general meetings, akin to the one granted in 2020-21. Management committees can transact budgets and appoint an auditor for the next fiscal, and decide on dividends or budgeted balance left in audited accounts.

The extension was recommended by the state cooperatives commissioner, citing that only 20% societies had their audits and budgets ready due to Covid restrictions that were in place till August 31.

Following demands from housing societies in Mumbai metropolitan region, the commissioner had recommended to the state cooperatives department an extension for holding housing society AGMs till March 2022. These AGMs mainly clear audits of previous years, decide on balance and appoint auditors for the new fiscal.

AGMs and submission of audited accounts earlier had September 30 as the deadline, which was opposed by societies as their associations said it was a very short period to finalise accounts and issue notices to members who had travelled outside or just resumed regular duties after Covid restrictions.

All society associations had backed the commissioner’s recommendations which awaited the nod of the cooperatives department and lastly the cabinet. A recent circular said society elections can be held within six months, from September 16 till March 15, 2022. This gives enough time for societies to conduct proceedings as per law, and without hassles.