Source-Grounded AI
Ask Housenex AI: Regulatory Compliance Assistant
An intelligent retrieval-augmented assistant answering queries strictly from approved source texts (MCS Act 1960, MCS Rules 1961, and Model Bye-Laws).
Legal Information Notice:The Housenex AI assistant is grounded exclusively in approved Maharashtra statutory texts (MCS Act 1960, MCS Rules 1961, and Model Bye-Laws). It is not the legal source of truth, does not invent statutory sections or rules, and provides general informational guidance only. If sufficient source documentation is unavailable, the assistant explicitly states so. This guidance does not constitute formal legal advice. Managing committees should verify current statutory requirements before taking formal actions.
Analyzed Query
Source GroundedWhat is the statutory deadline for completing the annual audit and submitting Form 'O'?
According to Section 81 of the Maharashtra Co-operative Societies Act, 1960 and Rule 73 of the MCS Rules 1961:
Every society must ensure its accounts are audited at least once in each financial year by a certified auditor appointed from the State Government's approved panel within four months of the financial year end (or extended deadline up to 30th September). If any audit defects or irregularities are disclosed, the Managing Committee must submit an Audit Rectification Report in Form 'O' within three months of receipt of the audit report to the Registrar.
Statutory Takeaways
Mandatory panel auditor selection from approved government list.
Form 'O' must be submitted within 3 months of audit receipt.
Must be placed before the subsequent General Body Meeting.
Authoritative Citations & Source References
Maharashtra Co-operative Societies Act, 1960
Section 81 & Section 82
Maharashtra Act No. XXIV of 1961 (as amended up to 2024)
Statutory Law (Verified 2024)
Verify applicability to your specific situation and check for any annual circular extensions.
Maharashtra Co-operative Societies Rules, 1961
Rule 73 — Rectification of defects in accounts
MCS Rules 1961
Rule 73 Statutory Procedure
Verify that Form 'O' is signed by Secretary, Treasurer, and Chairman before Registrar submission.
Disclaimer: This guidance is grounded strictly in approved statutory publications under the Maharashtra Co-operative Societies Act 1960, MCS Rules 1961, and Model Bye-Laws. It provides general informational guidance and does not constitute formal legal counsel. Always verify applicability to your society's registered bye-laws.
Engine: Housenex Local Grounded Knowledge EngineConsult Society Advisory Team