Mumbai: Premier club's office bearers spar over Rs 5-crore loss

A member of the Royal Bombay Yacht Club sent others a mail stating the loss, while some from the president’s camp claim it was they who distributed reports of finances to members notifying them about it

A mail sent by a member, Deepak Vaswani of the Royal Bombay Yacht Club to other members, has let out to the world that the premier club of Mumbai, is in losses of Rs 5 crore. On the other hand, people from Ardhendu Bose’s camp (he is the president of the club), claimed the club’s loss is not news, because it’s they who distributed reports of the finances to members, where the Rs 5 crore loss was already notified.

The Royal Bombay Yacht Club was formed in 1846 and stands at Colaba. Its president claimed the general body supported him at the AGM regarding the loss. File pic
The Royal Bombay Yacht Club was formed in 1846 and stands at Colaba. Its president claimed the general body supported him at the AGM regarding the loss. File pic

Every year the club has five members retiring from the general committee comprising a total of 10-members. Similarly this year five members retired and all five including Vaswani went for reelection and won. Except for Vaswani, the remaining four are from Bose’s camp. After Vaswani’s election, now some members feel that the flow of information will be streamlined in the club. There were rumours that Vaswani wanted to oust Bose, but, that’s not possible because, Bose as president, gets a two-year term and one-year’s tenure is still remaining.

While Vaswani and Bose may each have their supporters, some members claim that the loss that people are talking about is actually investment.

A senior member who works closely with Bose in the club, said, “The club is an A grade heritage structure. We spend money to maintain the building, it can’t be kept shabby. It’s not a loss, it’s investment. We have foreigners who visit this place and it’s been maintained well. We are getting foreign exchange to the country.”

Another member from Bose’s camp said, “Tell me one club which makes profit. Clubs are not here to make profit, instead, we provide members with best quality and infrastructure. Our reports are out, we have audited reports for the members and we haven’t hidden anything. There are no factions in the club. When someone contests the election, the two people contesting against each other will have things to say, but then there are no camps working in this club. Also what Vaswani has said is not an allegation, it’s just a statement, reported in the financial audit report of the club.”

Member speak
Vaswani confirmed that he had sent a mail to members of the club stating to them that there was a loss of Rs 5 crore. “I had sent mails to members of the club stating the loss but its an internal matter of the club, I do not wish to discuss it further.”

Bose said, “Everything has been sorted out and all allegations are incorrect. Yesterday, at the club’s AGM, the general body supported me fully. Tell me, which club is making humongous profits today? By nature, these clubs are subsidised for members. We had our auditors too at the AGM yesterday.”

Citing media reports, Bose signed off saying that the “sensational piece of news said that I am a descendent of Subhash Chandra Bose. I think it is hugely unfair to drag my uncle into this.”

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