Reintroduction of M 20 bond for Managing Committee members

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TEXT OF LETTER SENT TO COOPERATION MINISTER AND COOPERATION COMMISSIONER. 

February 26, 2019

Hon. Minister of Cooperation, 
Govt of Maharashtra, 
Mantralaya, 
Munbai. 

Sub : Reintroduction of M 20 bond for Managing Committee members 

Dear Sir, 

The M-20 Bond was an undertaking given by each Managing Committee Member within 45 days of his assuming the Office of the Society. 
It said, “I shall be jointly and severally responsible for all decisions taken by the Managing Committee during its term relating to the business of the Society and shall be jointly and severally responsible for all acts and omissions detrimental to the interest of the Society…”

By implication, any person who signed Society Documents without signing an M-20 bond on assuming the Office of the Society was liable for prosecution for serious crimes including fraud, cheating, misrepresentation and forgery.

On 6th Sept 2012 the then Government of Maharashtra scrapped the mandatory M20 bonds for society Managing Committee after resuming office. 

Actual the Bonds were in form of indemnity towards society affairs and there were criminal offenses imposed for non compliance. 
However, it was reasoned at that time that generally people are reluctant to take up this voluntary work due to the strict conditions of the bond. 
However the experience of societies after the bond was abolished has been quite bitter. 

For past 6 years, with no stringent provision for punishment, the Managing Committees - especially the Office bearers - now act in an arbitrary and authoritarian manner and that the M-20 Bond was a strong gadget against any wrongdoing by them in the Society. 

Today hapless members have to bear all tactics and tantrums of the office bearers.
There is a growing demand that the State should now introduce a more effective mechanism to check corruption and inefficiency in Housing Societies.
We therefore request you that as a first step - reintroduce these bonds immediately. 
Requesting a positive action in this regard. 

Regards, 

For Sahakarsutra, 

Dayanand Nene 
President

Comments

  1. M20March 27, 2020 at 6:49 AM

    I support the above article as it is the need of the hour to have such mechanism in place to hold the MC accountable for their Acts during their tenure in the best interest of the innocent society memebers who give their monthly contribution for the all being of the society and some Society MC SHIPONED OFF those funds for their waisted interest with hand in gloves with their CA and Account manager. I support Mr. Dayanand Nene.

    ReplyDelete
    Replies
    1. vinayak mahamunkarFebruary 18, 2024 at 9:28 PM

      श्री. दयानंद नेने साहेब यांच्या मताशी मी सहमत आहे.

      Delete
  2. UnknownSeptember 27, 2021 at 10:12 PM

    I too do support of this reintroduction of M20 bond to make MC accountable

    ReplyDelete
  3. Rajesh shahNovember 21, 2021 at 11:10 PM

    I support this, please reintroduce M20 bond compalsary Or, mandatory for managing committee of co oprative society .

    ReplyDelete
  4. VANovember 12, 2022 at 9:04 AM

    I agree. This should be reintroduced to curb current rise in malpractices by housing society MCs

    ReplyDelete
  5. BBIPLJanuary 6, 2023 at 12:04 PM

    Has it not been done by the Maharashtra Government in 2021 as per this article ?https://housing.com/news/maharashtra-cooperative-societies-act/

    ReplyDelete
  6. saagaricaFebruary 19, 2024 at 6:20 PM

    I agree

    ReplyDelete
  7. Prasanna KhadilkarApril 10, 2024 at 1:33 AM

    This comment has been removed by the author.

    ReplyDelete
  8. Prasanna KhadilkarApril 10, 2024 at 1:33 AM

    Sir I cam to know that Form M-20 was re-introduced by a notice issued by Government of Maharashtra in January 2021 Can anybody provide a copy of the said notice.

    ReplyDelete

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