FROM LOSSES OF ₹1 crore per month to turning around a profit, and achieving a record revenue of over ₹62 crore, the national capital's most sought-after club - Delhi Gymkhana Club (DGC) - is on a road to recovery.
In a recent communiqué to its members, the general committee (GC), which comprises government-nominated directors, said 'various steps' taken to streamline the functioning of the club had managed to cut its losses.
"The club, when the present committee took over, was making a loss of about ₹1 crore per month... We today stand at an operational profit (projected) without having granted new memberships," reads the letter signed by GC chairman Malay Kumar Sinha, a retired IPS officer.
In the past four years, the 110-year-old club has been entangled in a legal battle following allegations of mismanagement of funds, violations of norms and granting membership illegally. In April last year, the National Company Law Tribunal (NCLT) allowed the Central government to take over the management of the club, nearly two years after a plea was submitted by the Centre citing 'violations' of companies law by the club. In a 149-page order on the petition filed by the Ministry of corporate affairs (MoCA), a two-member bench of the tribunal had said there was 'sufficient material' for holding that it is a case of mismanagement of affairs. Subsequently, the committee took charge of the club on April 3, 2022. The committee has submitted four reports in compliance with the NCLT order so far.
Denne historien er fra June 18, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra June 18, 2023-utgaven av Financial Express Mumbai.
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