KARACHI: The Chairman Shehzad Tharani and Honorary Secretary Imran Arwan of M/s Karimabad Multipurpose Cooperative Society Ltd. are miserably failed to submit record of the Society and other related documents about daily affairs of the body before Sindh High Court. 

In compliance with directions passed by the High Court of Sindh; the Registrar, Cooperative Societies, Sindh assigned M/s Karimabad Multipurpose Cooperative Society Ltd, Karachi to conduct forensic audit for the year ending 30 June 2024 and arrears; through Deputy Registrar Cooperative Societies (legal & technical), and issued a letter dated 21 October 2024 to the Chairman/ Honorary Secretary, Karimabad Multipurpose Cooperative Society Ltd.

They were required to ensure the availability of the society's attested record and  information along with the financial statements for the years under audit duly audited by a certified internal auditor for the period ending 30 June 2024 and arrears (if any) before the Government Audit team on 28 October 2024 at 04:00 pm without fail. However, even after lapse of more than four weeks the respondents were failed to produce demanded documents before the Court.

According to members of the Society required record included following documents: Copy of last Government Audit Reports (5 years), Registered Bye-laws of the society duly attested along with amendments (if any). Copy of Registration Certificate, Complete registered postal address of the society. Details of the AGM held during the period under audit.

Date of the last election and the list of the current Managing Committee with ID card numbers, postal addresses and contact numbers duly attested and whether they possess qualifying shares or not. General ledger, Cash Book, Receipt Book, Payment Vouchers and Membership Register, Details of the lay out plan of the society with complete details of amenity and commercial plots and whether they have been disposed of through proper auction process as per rules/law or not.

Sale agreements and land transfer deeds of land acquisition with supporting attested documents with proof that the land had been acquired as per the market rate. Whether allotment order and shares certificates are issued to the members or not according to the bye laws of the society? Details of members with details of ownership of plots/ flats (category wise). Transfer/Cancellation of plots/ flats/ and memberships during the period under audit.

They were further asked to submit: Balance Sheet of the society for the period under audit duly audited by a certified auditor. Details of investments and fixed deposit in banks along with current bank statements of accounts being operated by the management of the society. Income, Expenditure, Receipt, and Payment account details.

Details of Court Cases, Anti-Corruption, FIA, NAB or any cases pending in any court or agency of Pakistan. List of paid employees. Financial Statements. Project Details along with agreements with the builders (if any). Completion timeline of the project. Maintenance contracts with the residents of the society. Loan agreements. Architectural, Structural and Engineering approvals from local authorities. Details of encroachment/ china cutting (if any).

The affected residents of Karimabad Multipurpose Cooperative Society Ltd. disclosed that earlier on 17th March 2016, Assistant Director (E) of Anti-corruption Establishment Karachi, Raza Muhammad Pathan had also issued same questionnaire to the Deputy Registrar Cooperative Societies on complaint No.04/2016 of ACE West Karachi against management of Karimabad Multipurpose Cooperative Society Ltd. and others. But its fate was yet unknown.

Published in The Daily National Courier, November, 21 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.