STOP lobbying, combine account books and reappoint auditors
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The fact all the stake holders to know is,
1. Audit reports were delayed substantially. On 24th Jun 2017 all 3 year audit reports were submitted by auditors. All 3 year audit reports were signed by present office bearers.
2. As per auditors 2 separate books has been maintained, one for the corpus money held by Builder and other with bank account of association.
This may be gross violation of income tax, as all the expenditure of association are shown in builder books which he may claim his own expenditure.
3. Expenditure of association not reflect in association audit books. All the contracts were in the name of association, and builder was releasing the payments to vendors on behalf of association.
4. Individual corpus balance not reflected in association books. If the statutory auditors mention about individual balance receivable from builder in association books, then it would have given more legal sanctity to members for claim from builder.
5. In Special GBM on 2nd July 2017, only audit reports were distributed and not approved.
6. In presence of auditors, opinion to reappoint of auditors was sought, which is a biased opinion sought. Though there was a substantial delay of audit report the same was not disclosed to members.
7. Auditors has not verified the details of expenditure whether legitimate or not, but only took the figures from builder books and transferred to report.
Opening balance in association books is around 50K, where as it should be around 10 cr, as all 10cr(around) belong to association and builder is only the custodian of that money when all the contracts with vendors were signed by association. Ideally after the first direct contract signed with vendors, builder should have transferred the balance corpus money to association.
With all the above, it shall be noted,
1. Without combined balance of expenditure and receivables in association books, individual members are affected in getting the money back from builder.
2. In long run association cannot a track the opening balance.
3. Next MC will find difficult in getting the balance corpus held by builder.
4. There may be income tax penalties for association in future.
In this regard, as a responsible member kindly take a wise decision before it is too late.
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