Calcutta: In the past 10 weeks, some major areas of concern were promptly attended to by the RCTC stewards since The Telegraph exposed irregularities in these columns, with regard to the finances of the club. But some club members have been expressing their dissatisfaction over the veil of secrecy maintained by the stewards over various issues raised during the July 24 EGM.
“Stewards have hardly moved an inch on promises made at the EGM,” said a senior club member.
Cyrus Madan, a steward, refuted the charge strongly. “We have instituted ‘Due Diligence’ as promised. Haven’t we'’ asked Madan when contacted over the phone for his comments.
Due Diligence is an exercise to scan the minutest details of the accounts. In layman’s language -- a white paper on the account.
A detailed six-page letter to the stewards — listing misuse of finances at RCTC over the past three years — is being circulated among the 100-odd members. Some prominent members are signatories to the letter.
Starting from the extravagant new office building expenses — which prompted stewards to institute Due Diligence — the letter also mentions the stillborn new club project, in Russell Street, which has already cost the club a fortune. The perils of hosting the Turf Invitation Cup, in March 2007, has also been discussed in the letter.
The letter says, the club may need nearly Rs 6 crore by March 2007 in order to hold the ‘Invitation’ bonanza. And such a huge amount may send RCTC on a borrowing spree on heavy interest rates since banks may not lend RCTC considering its negative revenue stream.
Those close to the stewards, however, say the crisis would blow over but most of the members who received the copy of the letter were shell shocked by the disclosure.
Another EGM is on the cards early in October but it is the Due Diligence exercise that will reveal all by the third week next month.