Vaidyanathan (Advocate) 18 September 2024

Audited accounts in cooperative housing socuety

My wuestion

if audited accounts are not ready before holding AGM on 30th Sept, can the society issue AGM notice and hold meeting.
If due to any reason the final accounts of societ is not ready, what is the remedy and procedure to hold an AGM.

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2 Replies

T. Kalaiselvan, Advocate (Advocate) 18 September 2024

A Societry can adjourn an Annual General Meeting (AGM) if the audited accounts are not ready:

If the financial statements are not ready for the AGM, the society can adjourn the meeting to a later date when the audited accounts statements are ready.

Dr. J C Vashista (Advocate ) 19 September 2024

Accounts of last financial year (duly audited) has to be produced and passed by AGM within 120 days of closure of the FY.

If AGM has been convened it should be postponed to submit annual accounts of the Society for approval, otherwise another SGBM has to be convened for the purpose.