The meeting was first called to order at 9.30 AM by the President and, there being no quorum, it was adjourned for half an hour for completing the quorum i.e. up to 10 AM.

At 10 AM also the quorum was not there so the meeting was adjourned for 15 minutes i.e. up to 1015 AM. The meeting was again called to order by the President at 10:15 AM and as no quorum was necessary at 10:15 AM, the meeting was called to order by the President.

At the outset, the President informed the house that as per records of the Society the following members had passed away after the Annual General Body meeting held on 29.5.2011:

Mrs Pushpa Bhatia
Mrs.Asha Virmani
Dr.M.L.Dewan
Mrs Kocchar
Mr.S.K Sardana

The President said that the Society appreciated their services to the Society and to pay homage to the departed souls he requested the members to please observe one minute’s silence and pray for the peace of the departed souls.

After observing one minute silence, all members took their seats. The President welcomed the members to the AGM and thanked members for their valued presence. Then President told the members that there was only one item on the agenda and that was adoption of the Annual Audited Accounts of the Society for the year 2010-11.

At this stage Ms. Aradhna Vikram Singh said the Agenda for the AGM should have included a ‘programme of activities’ (budget) for the ensuing year and because of this, in her view, the notice for the meeting was not in order and the AGM could not be held.

The President responded by reading out Bye Law 20 (b) sub para two, which reads as follows: “Notice for the Annual General Meeting shall be accompanied by a copy of each of the balance sheet, profit and loss account together with the Auditor’s Report theron relating to the preceding year…..’ He went on to add that all these documents are attached with the notice and as such the notice was in order and there was no basis in the contention of the Hon’ble Member. All the members agreed that the meeting should go on.

At this stage the President stated that he would like to share his anguish with the members about how an attempt had been made to scuttle the meeting by trying to prevent the delivery of the notice within 15 days as required in the rules. The notice is to be sent by UPC but since the system of postage under UPC has been discontinued by the postal department, the Society was forced to send it through book post. This was a done a good 25 days before the due date for the AGM. When a number of complaints were received that the delivery had not been made even after 5-6 days of posting, an official was sent to enquire from the postal authorities. Even when delivery was not made 12 days before the meeting, an official was sent to check up the position from the Post Master of Malviya Nagar. Simultaneously telephonic queries were made from members if they had received the notice. It was shocking to learn from the Post Master that the delivery had in fact been made (he confirmed this statement to the President himself) while most of the members, especially those in North and East Panchshila Park, had not received these notices. It was apparent that the post man had done some mischief; the matter was therefore reported to the Secy (Posts) GOI and a letter also sent to her by the President.

To ensure that the meeting was held as already decided, on an emergent basis action was taken to make personal deliveries through society staff to all members resident in North and East Panchshila Park and those who had not received it in South block and elsewhere, as could be ascertained through telephonic queries. He said he was happy to report that all members could get the notice on time.

A few days later the Post Man, against whom departmental action had been taken met him, the President said, and what he told him saddened him no end. However, since ‘all is well that ends well’ he requested that we need not pursue the issue any further.

The President called up the Hony Treasurer, Mr Rajan Mehra, to move the formal resolution. Hony Treasurer moved the following resolution: “Resolved that the Annual Accounts & Audit Report of the Panchshila Cooperative House Building Society Ltd and Its units for the year 2010-11 be adopted.”

Mr Jagmohan Sabharwal stood up to second the resolution. Mrs Leila Kabir and others joined him.

Before inviting the members for their comments, President said amidst cheers that he was pleased to inform the members that it was after many years that the AGM has been held in time and the statutory audit completed within the stipulated time limit. He drew the attention of the members to Page 10 Para 22 (Profit and loss account) wherein the auditors have remarked that ‘during the year under audit the sales of the Society have increased by about 13.31 % and consumption of raw material has increased by about 3.38% as compared to the previous year’. This showed that steps taken by the present MC to reduce leakages were effective.

He also drew the attention of the members to the remarks later in the paragraph which showed that substantial reductions had been made in non revenue earning items like printing, stationery, conveyance, legal expenses etc while increases were in items which reflected the higher turnover and/or better quality of service delivery. He assured that such improvements will continue.

President also informed the members that the Club had weathered the lean summer months including Shradh & Navratras and still managed to keep its head up and registered a minor surplus. He also assured the members that Society’s sales would show a drastic improvement in the second half of the financial year, as 60-70 % of our turn over would accrue in these months. He assured that losses in the club would now be a thing of the past and good financial performance will be matched with quality service delivery.

Brig (retd) V.C Khanna voiced his concern on some topics like the amount of TDS not yet recovered; to this the President regretted that such had happened in the past and this was because the returns were either not filed or not filed in time. He assured that it would not be allowed to happen again. He also told the house that the Society has gone in appeal before the IT Tribunal in some of the past cases and he was hopeful of positive results. He informed Brig (retd) Khanna that there is no question of writing off these amounts since these are not assets. Brig (retd) Khanna wanted a list of the assets worth Rs 14 lacs added in the year as mentioned in the report. He was informed that the list was there in the depreciation schedule on pages 31-36 of the report circulated as part of the agenda.

Mr.P.K.Khullar started by congratulating the President & the Members of the Managing Committee for making the Society really a professional institution. He said there were still some areas of concern, like the earnings from the out-sourced activities like the Gym and Tennis, specially what was the earning before & and the same at present. The President told the house that payment in the GYM are now being collected by the Club, and FUCON, acting as an agent of the Society, was being paid its share of the revenue. We will also strengthen other controls.

Mr H.S Bedi, Chairman of the Sports Sub Committee informed the members of the house that the agreement with M/s Team Tennis would end in 2012, and agreement would be reviewed after a few months and these areas of concern will be taken care of.

Mr.P.K Khullar also raised the point that though the benefit in the subscription has been given to the Very Senior Citizen (80+) of the owner member category, but the nominal member of the similar category continued to pay the higher monthly subscription. President assured that the Managing Committee would take note of sentiments expressed and take steps to reduce the subscription for the nominal category Very Senior Citizens as well.

Mr Khuller also said that it was heartening to note that the observations raised by the auditors have been adequately addressed by the present managing Committee, where as, in the past they usually remained unanswered. Mr Khullar also said that unrecoverable amounts must be written off.

Mr Tandon complimented the President & the Managing Committee for having completed the audit well within time and for minimizing the losses.

As no other member wanted to speak the President concluded by saying that there was agreement on the resolution and it could be taken as formally adopted. No member opposed this and thus the resolution as under was unanimously approved:

“Resolved that the Annual Accounts & Audit Report of the Panchshila Cooperative House Building Society Ltd and Its units for the year 2010-11 be adopted.”

Concluding the meeting, President thanked all members for their valuable time given and suggestions made in the meeting and even earlier as in the case of the F&B rates, service in the Club and other activities. He told the members that feedback from members whenever it came was welcome, as it gave us an opportunity to improve our performance.

President invited all members for a cup of tea.

Mrs. Leila Kabir took the podium and proposed a vote of thanks to the President & the members of the Managing Committee for having such a harmonious & pleasant meeting and a meeting which was probably concluded in the shortest possible time (45 mins).