RWA not disclosing financial information till AGM
5 years ago
Hi, I have a property in Bangalore. As per our bye law, association will present audited financial information during AGM. We also maintain an open book. However, it doesn't say what should association do when residents request to see the income and expenditure (non-audited) in the middle of the year. Some of us requested the current association to show the income and expenditure open book. But the association is categorically stating that audited financial statement will be presented during AGM and they can't give any information in any other platform. It seems this is the rule. My question is this true that association can only disclose financials during the AGM and on no other circumstances?
If this is not true, what steps can we take to look at the financials?
RWA will be governed by the Society Act which means Society of Registration Act, 1860 or Society of Registration Act of the concerned State i.e, Karnataka.The Karnataka Societies Registration Act, 1960
[Karnataka Act] No. 17 of 1960.
(First published in the 1[Karnataka Gazette]1 on the Third day of November 1960.)
THE 1 [KARNATAKA] 1 SOCIETIES REGISTRATION ACT, 1960.
(As Amended by Karnataka Acts 26 of 1965, 20 of 1975, 65 of 1976, 7 of 1978, 48 of 1986, 11 of 1990 and Act no 7 of 2000.)
(Received the assent of the Governor on the Twenty-fifth day of October 1960.)
Since, you are a Resident, you have the right to see.
First send a legal Notice.
Second file a Case.
Shanti Ranjan Behera,
Advocate
Anonymous
Replied 5 years ago
Dear sir, thanks for your reply. We are registered under Karnataka apartments ownership act 1972. They are saying, as per rule in societies act, we can't ask for financial details till AGM. Is it true? Or we can still go ahead and send notice
Shanti Ranjan Behera
Replied 5 years ago
Go ahead and issue Notice.
You have nothing to loose,
Shanti Ranjan Behera
Advocate
Anonymous
Replied 5 years ago
Dear sir, thanks for the response
Anonymous
Replied 5 years ago
Dear sir, thanks for your response. The bye law talks about audited financial report to be published in AGM. But we are asking for the unaudited open book of income and expenses, where we want to see payment received by each flat and cheque issued by each invoice. Do you suggest we still can't ask for it? It will be really helpful if you could please respond
Abhimanyu Shandilya
Replied 5 years ago
You can ask for it but I am not sure whether they will oblige.
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