The state cabinet has allowed housing societies to hold their annual general meeting till March 2022. The earlier deadline was September 30, 2021. Also, the management committees have been empowered to transact budget and appoint an auditor for the next fiscal and decide on dividends or budgeted balance left in the audited accounts.
The extension was recommended by the state cooperatives commissioner citing that only 20% of societies had their audits and budgets ready due to Covid-19 restrictions that were in place till August 31.
Upon a larger demand from among the housing societies in the Mumbai metropolitan region, the commissioner had recommended to the state cooperatives department to extend the date for holding housing society AGMs till March 2022. These AGMs mainly clear the audits of previous years, decide on the balance and appoint auditors for the new fiscal.
Both AGMs and submission of audited accounts, earlier had September 30 as the deadline which was being strongly opposed by the societies as their associations said it was a very short period to finalize accounts and issue notices to the members who All the society associations had backed the commissioner’s recommendations which awaited the nod of the cooperatives department and lastly the cabinet It may also be mentioned here that as per the recent circular society elections can be held within six months from September 16 i.e. till March 15, 2022.