Over 7,200 Pune Societies Race to Hold AGMs Before September 30 Cut-off

With just two weeks left before the September 30 deadline, more than 7,222 registered housing societies under the jurisdiction of Pune's Deputy Registrar of Cooperative Societies offices No. 3 and 6 are yet to hold their annual general meeting (AGM) for financial year 2025-26, according to officials cited in local reports on September 16. Management committees across the city are now preparing notices, agendas and financial reports to meet the cut-off.

Why September 30 is a hard deadline

Section 75 of the Maharashtra Cooperative Societies Act, 1960 requires every registered society to hold its AGM within six months of the close of the financial year (March 31), which makes September 30 the last date. Members must be given at least 14 clear days' notice specifying the date, time, venue and agenda. The meeting must take up the previous AGM's minutes, the managing committee's report, audited financial statements, the audit report, a compliance report, the budget, and appointment of the auditor, among other mandatory items.

Two changes societies should know about this year

The newer housing society rules notified this year allow members to participate in general meetings through video conferencing or other audio-visual means, provided the society follows prescribed procedures for member identification, quorum and recording of votes for online participants. Separately, the maximum interest that societies can charge on overdue maintenance has been capped at 12% simple interest per annum, down from the earlier ceiling of 21% — a change committees will need to reflect when presenting arrears figures at the AGM.

What this means for housing societies

• Societies that have not yet issued their AGM notice should do so immediately to leave the mandatory 14 clear days before September 30.
• Missing the deadline can trigger action under Section 75(5) of the MCS Act, under which the Registrar may disqualify responsible office-bearers or committee members from holding office for up to five years, after giving them a chance to explain.
• If a society fails to convene its AGM, the Registrar can convene it himself or through an authorised officer.
• Any interest charged on maintenance arrears presented at the AGM must be recalculated at the revised 12% cap, not the earlier 21% rate.
• Societies opting for hybrid or online participation must have a system in place for identity verification, quorum counting and vote recording for members joining virtually.

"An AGM is an important part of the functioning of a cooperative society. Societies that have not yet held their annual meetings should organise them immediately," Vitthal Suryawanshi, Deputy Registrar of Cooperative Societies, Pune Office No. 6, was quoted as saying. Cooperative law expert Adv. Ajit Borade added that the AGM is not merely a formality and that societies must ensure timely notices, audited financial statements and other mandatory reports are ready before the meeting.