It is my proud privilege to welcome all of you to this Annual General Body Meeting on behalf of the Board of Directors of the DCHFC.

I would like to inform the Hon’ble delegates that the Delhi Co-operative Societies Act, 2003 came into force w.e.f. 1st April, 2005 and accordingly the bye-laws of the Delhi Co-operative Housing Finance Corporation Ltd. have been amended, wherever necessary as per provisions of the amended Act and is being placed before the House for approval. The amended bye-laws contain the provision of 3 elected and 8 nominated Directors, having due regard to the share capital.

I am happy to inform you that for the work of construction of building at Dwarka Phase I, Sector 20, the Deptt. of Irrigation and Flood Control, Govt. of NCTD has been appointed as Supervisory Consultant and Shri N. Kumar & Associates have been appointed as Architect / Consultant for construction of above office building at Dwarka. As soon as the Layout / Building plans and other requisite formalities have been completed, the construction work of the building shall be taken up in hand.

Hon’ble delegates are also aware that DCHFC had floated the Government Guaranteed Bonds amounting to Rs. 126.00 crores carrying the interest rate as high as 11.5% to 13% p.a. Besides this Rs. 91.60 crores were also taken on loan from LIC at 11% to 13% interest. Despite of the fact that no provision was included in the agreement for pre-mature redemption, we had however, taken up the matter for pre-mature redemption of these Bonds with the subscriber banks impressing upon them to accept the pre-mature payment, but these Banks have all along been refusing to accept the payment quoting the terms of the agreement.
As desired by the Board, I made personal contacts with the Chairmen of these banks and with my persistent efforts and personal requests some of the subscribing banks were ultimately persuaded to accept pre-mature payments. Similarly L.I.C. loan was also refunded after repeated requests and deliberation with the L.I.C. Chairman & Executive Director by me. As a result of these payments a net saving of Rs. 32.38 crores to DCHFC has been achieved. I am, however, still persuing the matter with the remaining banks.
I am delighted to inform you that the Board of DCHFC has decided to re-introduce the scheme of accepting the Fixed Deposits from the members / nominal members on the mutually agreed terms and conditions.

As I have explained, the interest rate on loans as well as interest on the bank deposits have been reduced considerably. Despite all heavy odds your Board of Directors have recommended 10% dividend for the year under review as had been declared last year.

Budget estimates have been drawn up taking into consideration the present trend of loaning and our expected income.

I am happy to bring to your notice that the Board of Directors in its meeting held on 30.08.2004 & 13.5.2005 have decided to reduce the Loan Linked Share Capital from 8.5% to 1% and the amount have been adjusted towards the outstanding loans or refunded to the respective societies. The present status of Share Capital is as under:

I am also delighted to inform you that the management of the DCHFC have decided to grant loan to the physically disabled persons and Government employees at the concessional rate of interest i.e. @ 0.5% less than the prevailing rate of interest.

In the end I once again thank you on behalf of the Board of Directors and my own behalf for the cooperation and support extended by you in the past and shall request for your continued support and cooperation in future also so that we can jointly work for improving the quality of life in the Group Housing complexes which have come up with dedication and imagination of the management of the societies with active cooperation of the members.
I am happy to inform you that Chairman of DCHFC has been unanimously re-elected as Chairman of the National Cooperative Housing Federation of India, which is an apex organization of housing cooperatives in the country, for the second term of five years in the meeting of its newly constituted Board of Directors held on 27th July, 2005 at New Delhi.
Further, I wish to inform you that the Government of India in the Ministry of Urban Employment & Poverty Alleviation has also constituted a TASK FORCE ON CO-OPERATIVE HOUSING under my chairmanship to identify the bottlenecks in the way of smooth and efficient functioning of housing cooperatives and to suggest ways to solve these problems. The work of the Task Force is in progress.

I, now place before the general house the agenda items circulated vide Meeting Notice dated 25.8.2005 for your consideration and approval.

Thanking you and with co-operative greetings.