UCPMA factions spar over balance sheet, finances

LUDHIANA: After more than a year of truce between the warring factions of the United Cycle and Parts Manufacturers’ Association (UCPMA), fissures have once again come to fore. Thetrigger was one of the factions, the Kular-Vishivkarma group, taking up the issue of balance sheet of the association.
UCPMA general secretary Manjinder Singh Sachdeva, representing the Kular faction, called an emergency meeting of the association on Friday to discuss the financials and approval of the balance sheets. However before this meeting could take place, the opposition faction led by the association president D S Chawla circulated a letter amongst UCPMA members, terming this meeting as “illegal”.
After Chawla’s letter, only a handful of main members representing the Kular-Vishivkarma faction made it to the association office, including Rajinder Singh Sarhali, Gurcharan Singh Mankoo and Satnam Singh Makkar.
Slamming Chawla over the letter, Sachdeva and his associates said, “We had called a meeting to discuss the financials of the association but it was jeopardised by Chawla who, during last few months, due to his anarchic attitude, is affecting the working of UCPMA. It is unfortunate that earlier in December 2022, a meeting of the association was called to finalise and pass the balance sheet of UCPMA for the year 2021-22; but at that time as well Chawla had deliberately postponed the agenda. When the next meeting had taken place, he removed this proposal from that meeting’s agenda also.”
Chawla, however, claimed there were some anomalies in the balance sheets due to which they could not be submitted with the board.
Hitting out against his opponents, Chawla said, “The balance sheet has not been presented till now due to certain anomalies and minor irregularities, for which the general secretary has time and again been reminded. Till these shortcomings are fixed by him, how can the balance sheet be presented?”
Meanwhile, Sachdeva also said it was due to this delay that the UCPMA was unable to file the balance sheet and mandatory annual returns with the Company Law Board even after the due date of December 30, and the body faced penalties.
Refuting the claims, Chawla said no penalties were being imposed on the body. He added: “The balance sheet which they are pushing to pass illegally, if audited, will expose the wrongdoings done by certain persons; but I will not let this balance sheet get passed without proper verification of facts and all entries.”
He informed that he had cancelled the meeting per the association’s constitution by giving a written intimation, which was not illegal.