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

Gist of AGM Proceedings of the Society dated 04.09.2022

Annual General Meeting of members of the Delhi Co-op. Urban T/C Society Ltd. was held on 04.09.2022 at Shah Auditorium, Raj Niwas Marg, Civil Lines, Delhi - 110054 to consider and to take decisions on AGM agenda notice sent to all members vide dated 10.08.2022. Meeting was called at 9.30 a.m. As per co-op. rules, quorum was observed till 10.00 a.m. Since quorum of the meeting was not present at 10.00 a.m., it was adjourned till 10.15 a.m. On society request, RCS office appointed Mr. Harbans Lal, Section Officer/ Grade-I (DASS) as an observer vide order No.AR/(BKG).C.D. No.107299496/RCS/2019/475-77 dated 02.09.2022 and he was also present in the meeting to observe and witness the proceedings of the G.B. Meeting.

Thereafter, meeting was started at 10.15 with same agenda. First of all, Saraswati Vandana and National Anthem was observed. After that, Secretary Shri Diwan Chand Goyal gave speech before the house. During speech, Secretary informed the house that due to Covid-19 Pandemic, in previous financial year, minor decrease in net profits is reflected since on the suggestion of the Auditor, some additional provisions in NPA and Overdue Interest have been done. Thereafter, Secretary requested the President to give his blessing to the members and allow starting of proceedings as per agenda sent to all members.

Resolution No.01

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

Under this agenda item, Shri Ram Autar Gupta, President of the society welcomes all the members present in the meeting. During his welcome speech, President informed that although, society is doing well but he further assured the house that we are committed to give better services and results in future. Thereafter, President asked the CEO to start the meeting as per Agenda items.

Resolution 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 (24.10.2021 till 01.08.2022). He also briefed the house about the amount/s of relief provided to the deceased members or their families against their loans or otherwise from Member Ben. Fund a/c. Thereafter, house observed two minutes silence to pay homage for departed souls and to give strength to their family members.

Resolution No. 03

Confirmation of last General Body meeting proceedings dated 24.10.2021.

Under this head, CEO placed item wise details of last Annual General Meeting proceedings dated 24.10.2021 before the house. Thereafter, CEO asked the present members that if anyone has any query on previous AGM proceedings, he/she may ask. On asking by the CEO, no query was raised by anyone. Thereafter, by passing a resolution, house unanimously approved the proceedings of last Annual General Body meeting dated 24.10.2021 with clapping.

Resolution No.04.

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

(i).Under the head of previous year activities/works, CEO placed all details of works/progress of last financial year 2020-21. CEO also submitted details of facilities/benefits provided to members during last financial year like 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, Rebate given to the family persons to the deceased members on loans or otherwise and amount of SHAGAN on Marriages of Member’s Sons, Daughters or for marriages of members etc.

CEO further provided details of existing interest rates on loans, interest on fixed/recurring deposits for different periods etc. Progress Chart of last five years, Comparative Progress Chart for Financial Year 2020-21 & 2021-22 was also placed before the house which was appreciated by the house. These details were already sent to all members with agenda notice.

(ii).On future programs/targets for FY 2022-23, house was informed that management has decided to increase cash rebate on deceased members on balance loan up-to maximum from Rs.35,000/- to Rs.40,000/- Rebate on interest paid to the society is also increasing from 3 % to 4 % on timely repayment of loan installments. Other existing rebates or benefits shall also be continued in current financial year.

House was further informed that this year, Management has decided to give a good quality Gift of a Set of Six coffee Mugs and Two Milk Mugs to all members. Sample of the gift was also placed before the house which was very much appreciated by the members with clapping.

Thereafter, house confirmed all previous year work/activities, interest rates on loans and deposits. House also approved future program/targets placed before the meeting unanimously including Gift to members by passing resolution unanimously with clapping.

Resolution No.05

Presentation and approval of Estimates of Expenditure/Administrative Budget for 2022-23.

Under this head, CEO submitted details of Estimates of Expenditures/Administrative Budget for FY 2022-23 and explained all items in length. As figures of estimated expenditure/Administrative Budget were sent to all members with agenda notice, during discussion, house agreed on all estimations of expenses. Thereafter, on request of the CEO, House unanimously passed resolution for approving Estimates of Expenditures/ Administrative Budget of the society for FY 2022-23 with clapping.

Resolution No. 06.

Discussion and Adoption of Audit Report and audited accounts for FY 2021-22.

Under this agenda item, CEO presented details of Audit Report, Balance Sheet and Income & Expenditure a/c for FY 2021-22. Copies of all these items were already sent to all members with agenda notice. All these figures were further explained before the house. CEO further informed the house that due to Covid-19 Pandemic, this year, Auditor has also provided provisions in NPA and Provisions of Overdue Interest and due to it, there is minor decrease in Net Profits for FY 2021-22. He further assured the house that it will be covered in current year by putting some more efforts for advancing of loan and recoveries. Two compliances of Part “C” of Audit Report as approved by the Managing Committee and sent to RCS office was also placed before the house.

Thereafter on asking by the CEO, house was fully satisfied with financial results for 2021-22 of the society. After that CEO placed resolution on adopting/approving of Audited accounts, Balance Sheet, Income & Expenditure a/c with all other annexures for FY 2021-22 including compliances of Part “C” of Audit Report before the house which was unanimously approved by the house with clapping.

Resolution No. 07

Discussion & decision on distribution of Net Profit of FY 2021-22 including declaration of Dividend.

Under above head, CEO informed the house that Management has recommended dividend on Share Capital @ 11% for FY 2021-22. This announcement was celebrated by the house with clapping. As per recommendations of the committee, CEO submitted details of distribution of profits of FY 2021-22 before the house including dividend and further allocation of remaining/balance of net profits in the heads of Bed Debt Fund, further allocation for Incentive/Gifts and Member’s Ben. Fund a/c.

After discussion, house unanimously approved all allocations by passing a resolution for distribution of Net Profits in above heads including dividend @ 11 % for FY 2021-22 with clapping.

Resolution No. 08   Any other item with the permission of the chair.

Under this head, Secretary informed the house that one our senior staff Mr. Amar Nath Pandey is retiring in June, 2023. On considering his long association and contribution in society progress, Managing Committee has decided to honor his hard work and dedication as Lifetime Achievements. House celebrated this announcement with clapping.

Thereafter, Mr. Amar Nath Pandey was awarded with Souvenir, Appreciation Certificate, and cash award of Rs.11,000/-. During this period, all members present in the meeting shows their happiness with clapping. During honoring to Mr. Amar Nath Pandey, Chief Guest for Children Award Function, Mr. Sushil Kumar Aggarwal was also present and he also appreciated the decision of Management by honoring oldest one employee of the society.

After that, Children of members who performed excellent in 10th and 12th Board Examinations-2022 were awarded with K. C. Gupta Memorial Award. All applicants were honored with a Gift of Pen, Note book and Appreciation Certificate. In addition to that cheque of Rs.3000/- for 10th class and Rs.3500/- for class 12th to each was also given. Out of them two children (Toper of each Class) were also awarded with K.C. Gupta Memorial Shield-2022.

At the end of above proceedings, house was adjourned and a vote of thanks was given by the Secretary to all present members. Thereafter, all present members/children were requested to take coffee and refreshment etc. before leaving.