Swapnil 15 October 2024

Mcs act 1960 section 75 clarification

Hello,

MCS ACT 1960 Section 75 (2)(vii) rectification report of earlier audit;

Can anyone provide calrification what does Rectification report of earlier audit means? so if we are having AGM in Sept 2024, where we are presenting Audit report for the year 2023-24, as per this section we need to present rectification report for same year i.e. year 2023-24 or previous year i.e. year 2022-23. This is critical as DR has dissolved our committee based on this clause.

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T. Kalaiselvan, Advocate (Advocate) 15 October 2024

The procedure for rectifying an audit report for a housing society is as follows

The management committee must rectify the errors within three months of receiving the audit report.

The committee must submit Form O to the auditor, upload it on the cooperative website, and have the auditor upload it from their login.

After rectifying the errors, the committee should show the report to the auditor and get their remarks.

The committee must submit the report to the Registrar's office.

If the society fails to rectify the errors, the Registrar may take steps to rectify them and recover the expenses from the society

Dr. J C Vashista (Advocate ) 16 October 2024

Very well analysed, opined and advised by learned senior expert Mr. T Kalaiselvan, which I fully agree and endorse.

To add to it, the MC shall have to get the audited report with objections duly rectified/ removed to be presented and passed by another AGM / SBGM before submission to RCS.

Mcs act 1960 section 75 clarification

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