Key issues raised by another senior member

CBFOA AGM 30/07/2017- Observations on Accounts & Clarifications required

Observations and Clarifications Required on CBFOA AGM on 30/07/2017 For FY 16-17

  1. Register of Members: Please confirm whether you maintain a Register of Members as required under Sec 14(1) of the TNSRA, 1975 with names, address and occupation of members and if so, please advise who is the member owning the area in the I floor popularly known as shop area and area popularly known as Laundry Area in basement. Make available list of members with contact details to every other member. It is obligatory.
  2. Deposit collected for Water Connection (CMSWB): INR 2,28,83,386/-. The money has been received from Ceebros and payable to the members. Ceebros has collected this money at the time of sale and paid this money to CBFOA as collecting money from individual members will be a challenge at the time of connection. Interest received from bank on this fund is approximately 18 Lakhs P.A with a total of 72 Lakhs for the past 4 years. This amount along with the capital is actually a liability of CBFOA. The interest has to be credited to the liability a/c of CBFOA and not the Interest earned A/c. Anyone going through construction agreement will find that, builders had given an undertaking to arrange water supply and drainage when becomes available. Now it is available in every old and new project in nearby areas. What you have done to get this done? Why continue to buy lorry water and send drainage water through lorries?
  3. Fixed Deposits: 6,60,69,561/-. Has the MC physically verified the FD receipts? If this has been done, furnish a statement to this effect in the A/c’s or MC report to the members.
  4. Maintenance Charges received have come down from 1,65,19,460 to 1,64,89,940. When charges and chargeable area have remained the same, how can this happen? Provide area statement. At Rs.3.50 per sft, what is the total area for which maintenance collected? According to estimation given in post, it is to be Rs.1.82 Crores per annum.


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