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President's message

President’s Message

 

AOA Worthy ACHS Members,


I would also like to update you on the following issues:


1. The MOU regarding proposed merger transaction has expired on June 20, 2016. During the last weekend we held a meeting with the concerned person regarding our MOU status. During the discussion we were informed that due to negative comments of some of our worthy members on the person as well as on the associated company, the gentleman had been highly disappointed and would need few more weeks to come to terms with the situation. He was provided some details of proceeding of Annual General Meeting held on June 5, 2016 where favorable remarks were also made by most of the attendants. It was shared with him that no matter what, some discontented element is always present in any large set up like ours, therefore, one should not pay much heed to such negativity. Since the gentleman concerned had to go abroad for some medical treatment which would involve absence from Pakistan of about 6 to 8 weeks it was therefore decided through mutual consent that;


 

A.    As far as the status of our MOU is concerned, the same stands expired effective June 20, 2016 and ACHS is not barred from entering into negotiations with any other entity of its choice.    

 

B.    However upon his return from abroad, if he would still like to approach ACHS with his proposal, acceptance or rejection of that would be the sole discretion of MC/ ACHS.

 

C.    Few renowned developers are approaching MC with their respective proposals. During the validity of the MOU we could not meet them due to legal limitations. Having crossed that hurdle now, we are planning to meet all of them and decide our future strategy.


2. Your MC members have gained valuable experience and exposure of dealing with such transactions. We believe that confidentiality, timely decision making and unity of members is the key to a favorable conclusion. It is therefore requested that negative comments from some individuals should be discarded and discouraged. As expressed by me in the AGM, we have already formulated alternate plans B, C & D, so members should not be worried at all.


3. I am fortunate to have MC members with diversified background and none of them is directly reporting to me. Hence every decision is taken after detailed debate and consultation. We also seek advice from senior members of the Society.


4. Our two MC members have resigned due to their official commitments. Please note that MC members work voluntarily, taking out time from their busy schedules without any financial benefits. I urge respected society Members to duly acknowledge their efforts and encourage them by help and support. Four out of nine MC members have completed their first year, the rest are newly inducted through election / co-option.


5. As per cooperative rules, the only face to face interaction/communication of MC with members is supposed to be once a year through AGM. However we shall try to officially update you once every quarter. Please note that a cooperative housing society can not be run like a stock exchange where things are changing every day and news are available all the time.


6. I am pleased to share that the successful AGM and positive news about the future outlook of our society has resulted in further escalation of plot prices. Many interested buyers have approached our office but sellers are not available.


7. Although AGM minutes and last two official communication dated March 26, 2016 and May 6, 2016 have addressed all the possible queries / observations of the members, but still if any member has further queries, he/she may contact me directly or visit the society office where senior office staff / MC members are available. However MC cannot discuss / respond publically on sensitive matters and court cases.


We request all the worthy Members to keep supporting MC and continue discouraging elements involved in spreading baseless rumors, which might damage our common interest.


For more information please go through Minutes of AGM held on June 5, 2016, Available on the website.


(Mohammad Omer Dogar)
President

 

 
 
 
 
 
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