The Delhi Co-operative Urban T & C Society Ltd.

Gist of AGM Proceedings dated 04.08.2019

Annual General meeting of members of The Delhi Co-op. Urban T/C Society Ltd. was held on 04.08.2019 at Talkatora Indoor Stadium, New Delhi to consider and to decide items of AGM agenda notice sent to all members vide dated 10.07.2019. The meeting was called at 10.00 a.m. and as per rules, quorum was observed till 10.30 a.m. In absence of quorum, meeting was adjourned till 10.45 a.m. Thereafter, it was started as per agenda items.

Item No.01

Welcome Speech by the President and permission to start the proceedings of the meeting.

Shri Jagbir Singh Bhardwaj, President of the society addressed the house and welcomes all the members present in the meeting. During address, Shri Bhardwaj also provided some details of working of the society.

After welcome speech of the President, Shri Diwan Chand Goyal, Secretary addressed the house and informed about the working of the society. He also read out his speech mentioned in Agenda Notice with some other information/decisions taken by the management for member's welfare. During his address, Secretary also announced that as society has entered in 60th year of its working; on this occasion, Managing Committee has decided to honor all our Ex-committee members and senior most members who are our member up-to membership no. 1100 which is also mentioned as agenda item No.03 of today's meeting.

Thereafter, Special Guest Shri P. M. Sharma, General Secretary, Delhi State Co-op. Union Ltd. gave his blessing to the members. During his speech, Mr. Sharma also mentioned that this society is doing well particularly providing loans to the members on lowest interest rates in Co-operative Sector for their day to day need and also contributing a lot towards the development of common people of NCT of Delhi. In his speech, Mr. Sharma also praises working of the management of the society; dedication of the Secretary and CEO towards continues progress of the society. After speech of the Special Guest, President asked the CEO to start the meeting as per Agenda items.

Item No.02   Condolence massage for deceased members and Silence to pay homage.

CEO briefed the house regarding deceased members of the society after last AGM. He also briefed about the amount/relief provided to the deceased members against their loans out of the Member Ben. Fund head. Thereafter, he requested the house to pray for departed souls for two minutes. Two minutes silence was observed to pay homage to the departed souls and to give strength to their family members.

Item No.03

Honor of all Ex-committee members, Senior most members.

Under this head, CEO informed the house that Delhi Co-op. Society was formed/established on 21.03.1960 by Late Shri T. C. Gupta Ji who was also our founder Secretary. He further informed that it is our privilege that two our senior most members Shri Dushyant Kumar Gupta and Shri Kesar Dev Gupta who are also promoter members are present with us. During this address, all present members show its happiness with clapping.

Due to some urgent assignment, our Chief Guest Shri Manoj Tiwari, Member of Parliament and President, Delhi Pradesh BJP was not present in the meeting. In his absence, Special Guest Shri P.M. Sharma, President, Vice President, Secretary, Treasurer and other committee members honored all our Ex-committee members or their spouses for their hard work/contribution towards the progress of the society. On this occasion, daughter and grandson of late Shri T.C. Gupta (founder Secretary) were also honored on his behalf. All Ex-committee members were honored with a cheque of Rs.11000/-, Silver Memento of Sixty Years of the society, Shawl and bucke.

All others senior members including Shri Dushyant Kumar Gupta and Shri Kesar Dev Gupta (Founder members) were also honored with a cheque of Rs.2100/-, Society Memento, Shawl and bucke. Representative of some other societies, co-op. banks and some other special dignitaries who helped the society for its progress were also invited and they were also honored with a Society Memento, Shawl and bukes. During this occasion, all present members show its happiness with clapping.

Item No.04  Confirmation of last General Body meeting proceedings dated 08.07.2018.

Under this head, CEO placed item wise details of last year AGM proceedings dated 08.07.2018 before the house. Thereafter, CEO asked the present members that if anyone has any query/question on last year AGM proceedings, he/she may ask it. There was no query and after that, proceeding of last year annual general body meeting dated 08.07.2019 was approved unanimously. 

Item No. 05.

Presentation of previous year work, discussion on future program and it's approval.

Presentation and approval of Estimates of Expenditure/Administrative Budget for 2018-19

(i). Under the head of previous year work, CEO placed details of last year work/progress. He also submitted details of facilities/benefits provided to the members i.e. one-time cash rebate to members for chronic deceases, rebate on interest for timely payments of loan installments, rebate on chronic overdue loans from NPA, interest rebate from provisions for Overdue Interest and amount of SHAGAN on marriages of member's sons & daughters or self etc. CEO further provided details/rates of interest on loans, interest on different time period fixed deposits & Recurring Deposits, Progress Chart for last five years, Comparative Progress Chart for Financial Year 2017-18 & 2018-19 etc. before the house.

CEO also informed the house that for the financial year 2018-19, Delhi Govt. selected our Society as Best Co-op. Society in T/C. category. Hon'ble Shri Rajindra Pal Gautam, Minister of Co-op. Deptt., Delhi Govt. awarded a Shield and Commendable Performance Certificate to the Secretary and CEO in a grace full function held on 20.11.2018. On providing this information, house celebrated the honor of the Society with clapping.

(ii). For future program/targets, house was informed that all previous policies/benefits in favor of members will continue. Further, Managing Committee has decided to increase rebate on loans on death of any member from present Rs.30,000/- to Rs.35,000/-, One-time Cash rebate on Chronicle Deceased from Rs.15,000/- to Rs.20,000/-. All other existing facilities like Shagan on Marriages, rebate on total paid interest amount etc. will also continue. Sample of Gift was also placed before the house for distribution amongst the members.

Thereafter, Estimates of Expenditures/Administrative Budget for 2019-20 was placed before the House and explained item wise. After discussion, previous year program, future program/targets and planning, Estimates of Expenditures/Administrative Budget for 2019-20 and sample of gift of A/C Comforter/Quilt were approved unanimously.

Item No. 06.

Discussion and Adoption of Audit Report, Balance Sheet, Income & Expenditure a/c for 2018-19. Discussion on distribution of Net Profit of 2018-19 including declaration of Dividend.

Under this agenda item, details of Audit Report, Balance Sheet and Income & Expenditure a/c for 2018-19 already sent to all members were provided before the house. Compliance of Part "C" of Audit Report as approved by the Board/Managing Committee was also placed before the house.

After providing above details, Dividend as proposed by the Board/Management was declared @ 16 % for 2018-19 and distribution of remaining Net Profit was also placed and approved. During allocation of remaining Net Profit, house also approved that distribution of Gift to members shall be continued in future.

After detailed discussion, house unanimously confirmed the Audit Report, Audited Balance Sheet, Income & Expenditure a/c for the financial year 2018-19 and also approved the distribution of net profits including dividend @ 16 % for 2018-19.

Item No. 07 Any other item with the permission of the chair.

(A). Under this head, with due permission of the chair, Secretary Shri Diwan Chand Goyal informed the house that as per previous years, Managing Committee has decided to honor some our employees for their hard work and dedication towards the progress of the society. They were (1). Mr. Suraj Thapa (2). Mr. Bipin Chandra, (3). Mr. Deepak Gupta and.(4). Mr. Manoj Kar Pathak. All were awarded before the house with Appreciation Letter, Certificate and cash reward of Rs.5100/- each. During this period, all members present in the meeting shows their happiness with clapping.

K. C. Gupta Memorial Meritorious Children Award Function.

Thereafter, K.C. Gupta Memorial Meritorious Children Award function was held and children of members of the society who performed meritoriously in Board Examinations-2019 (10th & 12th) were awarded with Cash, Gift and a Medal.

The meeting thereafter ended and all present members/persons were requested to take lunch provided by the society.