Against the board...
Information being hidden
I am a resident of Seawoods Estates Phase 1 complex. I want to express my gratitude for highlighting the difficulties faced by residents in accessing the accounts of the society and ensuring transparency. We have been struggling for over three months now to get some answers from the board members of Seawoods Estates Limited on how so much money in the sinking fund was depleted, and for details of contracts with various vendors. But every single enquiry was blocked using some excuse or the other, such as Company Law provisions for secrecy. I myself have received a written reply from SEL in this regard.

The mistake CIDCO made in incorporating a housing complex as a Limited Company is now haunting the residents. Unlike a CHS, the management is able to treat residents as minority shareholders with no rights in the running of the company or access to any information about accounts.