Sobha Clovelly AOA 6th AGM dashboard — financials, per-unit costs, issues tracker, red flags, and talking points for July 11 2026.

🏢 Sobha Clovelly AOA — 6th AGM Brief

11 July 2026  ·  136 units  ·  Audited FY 2025-26 · Spl. AGM 14 Mar 2026 · Budget FY 2026-27 · Period Jul 2025–Jun 2026

📊 Financials
🏠 Per-Unit Costs
⚠️ Issues Tracker
🚩 Red Flags
🎤 AGM Points
Net Loss FY 2025-26
₹57.97L
After ₹49.82L depreciation
Operating Deficit (pre-dep)
₹8.15L
First time in red before dep.
Association Fund
₹10.95Cr
↓ ₹52.3L from last year
Corpus Deposits
₹7.25Cr
Nationalised banks, unchanged

Income vs Expenditure (₹ Lakhs)

200 150 100 50 176L 172L 171L 180L FY 2024-25 FY 2025-26 Income Expenditure

Expense Breakdown FY 2025-26

80% Common
Common Area₹1,44,23,401
GST Expenses₹14,54,159
Equipment₹11,18,634
Admin₹8,69,594
Cultural₹98,545

Association Fund Erosion

FY 2024-25 Opening
₹11.47 Cr
FY 2025-26 Closing  ▼ ₹52.3L absorbed losses in one year
₹10.95 Cr
Reserves & Surplus: NIL both years — no dedicated surplus reserve; all losses absorbed by Association Fund.
Actual Cost / Unit / Month
₹11,007
FY 2025-26 actual
Proposed Cost / Unit / Month
₹13,576
FY 2026-27 budget (+23%)
Common Area / Unit / Month
₹8,838
80% of all expenditure
Maint Collected / Unit / Mo
₹6,746
At ₹2.75/sqft · avg ~2,453 sqft

Actual Expense per Unit — Monthly (₹)

Common Area Maintenance₹8,838
GST Expenses₹891
Equipment Maintenance₹685
Admin Expenses₹533
Cultural₹60
TOTAL / unit / month₹11,007

Budget Sustainability Gap (FY 2026-27)

💰
Projected Maintenance Income (₹3/sqft)
136 units × ~2,453 sqft × ₹3 × 12 ≈ ₹1,20,10,000
🏦
FD Interest & Other Income (est.)
Based on FY25-26 actuals: ~₹55,00,000
📋
Proposed Annual Budget
₹2,21,55,427 — 23.3% above FY25-26 actuals
⚠️
Projected Annual Shortfall
~₹46,45,000 — even after ₹3/sqft rate hike

Resident Issues — Status as of AGM (11 Jul 2026)

Issue Raised Status
AC condensate leakage — corroding structural iron stand (A2 series)
A Sharma — no MC reply in chat
03 Jul 2025
OPEN
Neem tree infected, shedding leaves
Mamathakantharaj → Aruna (resident) checked & monitored
03 Sep 2025
RESOLVED
Loose plaster near MPH — near-miss injury, recurring
Nitish Kumar → BN → Mamathakantharaj
07 Sep 2025
OPEN
Ex-staff Nagesh harassing resident's daughter
Aparna — no MC reply/communication visible
21 Nov 2025
OPEN
Badminton court flooring causing knee injuries
Vinod Jayakumar — taken to Spl. AGM, "on hold"
09 Feb 2026
ON HOLD
Insurance policy — soft copy not circulated to owners
Venkateswaran → Raghuram offered in-office only (2-wk delay)
08 Apr 2026
PARTIAL
Bus stop relocated to front gate — safety & congestion
Mamathakantharaj, Sumana (formal letter) — no BBMP escalation
17 Apr 2026
OPEN
🌳 Teak wood tree main trunk cut near tennis court — no notice, Forest Dept permission unclear, valuable wood unaccounted
Mamathakantharaj, Vinod Jayakumar, Preeti Sinha — no MC reply
09 May 2026
LEGAL?
Gym equipment scattered — recurring safety hazard
Sunita Aggarwal → Muthukumar K → Vinod Jayakumar
Recurring
OPEN
Vehicle speeding inside premises — near-miss with pedestrian
Muki Regunathan, Vinod Angad, Yamini Atmavilas — no MC reply
28 Jun 2026
OPEN

Status Summary

7
Fully Open
1
Legal Risk
2
Partial/Hold
1
Resolved

Governance Pattern

No written complaint SLA
Oldest open issue: 12+ months (AC shaft, Jul 2025)
📢
Escalation only when MC raises it
Sandpit ignored until Sujal Kamath (MC) posted
🌳
Teak tree cut with no communication
Protected species, high-value wood — zero notice to residents

🔴 Critical Financial Red Flags

⚠️
GST Contingent Liability — Undisclosed
Enforcement notice (12 Feb 2026) for non-collection FY 2021-22 to 2024-25. Quantum not stated. No contingent liability note in audited balance sheet.
📉
First Pre-Depreciation Operating Deficit
FY25-26 expenses exceeded income by ₹8.15L before depreciation. FY24-25 had a ₹3.74L pre-dep surplus. Trend worsening.
🏦
Negative Bank Balance at Year-End
Canara Bank: (₹5,80,748) as of 31 Mar 2026. Overdraft or discrepancy?
📊
NIL Reserves & Surplus — Both Years
All losses absorbed by Association Fund; ₹52.3L eroded this year alone.
🏗️
Fixed Asset Schedule Lacks Transparency
WDV-to-WDV only — no original cost or accumulated depreciation. Can't assess asset age or replacement needs.

🟡 Governance & 🟣 Legal Red Flags

🌳
LEGAL — Teak Tree Trunk Cut
Teak is a protected species under Karnataka Preservation of Trees Act. Cutting main trunk (not just trimming) without Forest Dept permission is a legal offence. Valuable teak wood reportedly left at site — whereabouts unknown. No MC communication to residents. Raised 09/05/26 — unanswered.
📝
Spl. AGM Minutes Discrepancy
Agenda: maintenance "from ₹2.65/sqft". Resolution: "from ₹2.75/sqft". Internal inconsistency — must be corrected before vote.
💸
Budget Has No Revenue Side
Only expenses shown — owners cannot assess sustainability without calculating income themselves.
🏊
Sinking Fund Being Drawn Down
₹5L withdrawn for kids play area. Current balance and replenishment plan not disclosed.
🔄
6 Elections in 5 Years
High MC turnover — continuity SOPs still not documented despite Prakash Cavale's public request (29/06/26).

🔴 Financial Questions — Item 6 / AOB

1
What is the quantified GST liability under notice dated 12 Feb 2026? Why is there no contingent liability note in the FY25-26 balance sheet?
Spl. AGM Minutes · Audited Balance Sheet
2
Proposed budget ₹2.21 Cr vs estimated income ~₹1.75 Cr = ~₹46L shortfall. What is the income projection and how is the gap funded?
Budget FY 2026-27 · I&E FY25-26
3
Canara Bank shows (₹5,80,748) at 31 Mar 2026. Is this an authorised overdraft?
Schedule V — Current Assets
4
What is the sinking fund balance after the ₹5L kids play area withdrawal? What is the replenishment plan?
Schedule I · Spl. AGM Minutes
5
Request auditor to present fixed assets with original cost + accumulated depreciation, not just WDV-to-WDV. What is the age profile of key assets?
Schedule IV
6
Spl. AGM minutes: agenda says ₹2.65/sqft, resolution says ₹2.75/sqft. Which is correct? Must be corrected before minutes are formally approved.
Spl. AGM Minutes 14/03/26

🟣 Legal  ·  🟡 Operational — AOB

7
🌳 TEAK TREE: Who authorised cutting the main trunk? Was Forest Dept permission obtained under Karnataka Preservation of Trees Act? What happened to the valuable teak wood at the site? Why were residents not notified before or after?
WhatsApp · Mamathakantharaj, Vinod Jayakumar · 09/05/26
8
Written status on: AC shaft leakage (Jul 2025), plaster/ceiling (Sep 2025), badminton flooring proposal (on hold since Mar 2026), bus stop escalation (Apr 2026), gym safety (May 2026).
WhatsApp chat
9
Propose formal complaint-tracking system with written SLA — 24-hr acknowledgment, 7-day resolution/update. AC shaft thread has had no reply in 12 months.
Chat · A Sharma 03/07/25
10
Push for proactive circulation of insurance policy soft copy — referencing 2-week delay and in-office-only offer of 22/04/26.
Chat · Raghuram 22/04/26
11
Second Prakash Cavale's (29/06/26) proposal for documented SOPs on security, vendor management, and complaint handling — 6 elections in 5 years demands institutional memory.
Chat · Cavale 29/06/26
12
Written MC action plan on in-campus speed control — speed bumps, no-honking rule — referencing 28/06/26 near-miss thread.
Chat · Muki Regunathan 28/06/26
13
Confirm in writing: what action was taken on ex-staff Nagesh harassment case (Aparna, 21/11/25) and what staff-exit protocol now exists?
Chat · Aparna 21/11/25